Establishing a Qualified Personal Residence Trust (QPRT) involves transferring the residence to a trust that names the persons who are to receive the residence at the end of the stated term, usually a child or children of the donor. The donor is the tr
Virgin Islands Qualified Personal Residence Trust
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Who may be trustees? Any individual, being an adult who has legal capacity may be a trustee. For a BVI company to be a corporate trustee, it must obtain a licence to carry on trust business under the BVI Banks and Trust Companies Act, 1990 unless it qualifies as a private trust company (see Part 2 below).
All trustees are resident outside the UK The trust is not resident in the UK for Income Tax and Capital Gains Tax purposes.
Factual residence Canada, 2012 DTC 5063, 2012 SCC 14) has clarified that residence of a trust will be determined by the principle that for purposes of the Income Tax Act a trust resides where its real business is carried on, which is where the central management and control of the trust actually takes place.
It enables a settlor to transfer shares in a BVI registered company to a BVI licensed trustee (which for these purposes would include a BVI private trust company) of a trust established in accordance with the formalities prescribed by the VISTA Law.
A trustee is liable to pay tax in respect of a non-resident trustee beneficiary's share of the trust's net income attributable to Australian sources if the trustee beneficiary is a non-resident at the end of that income year subsection 98(4).
For tax purposes a trust may be taxed in any state for which it is determined to be a resident trust under the governing states definition of residency. This could be based on the location of the grantor, the location of the trustee or trust administrator, or the location of the beneficiaries.
The U.S. Virgin Islands is unique among offshore tax planning jurisdictions: it is the only jurisdiction which can offer a tax-free entity under the U.S. flag.
(a) A tax of 5% is imposed on inheritances which fall to brothers and sisters and their issue, irrespective of their being sole heirs or inheriting jointly with one of their parents, which, for purposes of this section, shall be described as Class II inheritances.
Generally RBI has considered that appointment as a trustee on an Indian trust is permitted under FEMA. In any case, as long as trustee is a non-resident, the trust should not undertake any activities which are prohibited for non-residents.
The major disadvantages that are associated with trusts are their perceived irrevocability, the loss of control over assets that are put into trust and their costs. In fact trusts can be made revocable, but this generally has negative consequences in respect of tax, estate duty, asset protection and stamp duty.
