Many clients decide to invest in motivated by the plenty advantages it offers. This is a very important financial rub in the world right now, The Cayman Islands is classified as the fifth most chosen.
You can count with really competent lawyers, bankers and accountants, in whom you can trust and will provide an excellent service. If you decide to have a corporation in The Cayman Islands, it will be necessary to have a registered agent and a local registered office; unfortunately, bearer shares are not allowed.
- Fully completed application forms for: Cayman Company Incorporation/Corporate Banking Account and/or Securities Account.
- Certified/notarized copy of passport for each Director/Beneficiary
- Certified/notarized copy of other official ID for each Director/Beneficiary
- Two banks and two professional reference letters for each Director/Beneficiary
- Two recent certified/notarized confirmations of residential address for each Director/Beneficiary
- Source of fund forms
- Other information may be required
CAYMAN ISLAND TRUST
The trust must be created in favor of specific purposes, reasonable and possible and not immoral, unlawful, or contrary to public policy.
When a STAR trust is created in favor of beneficiaries, or a mixture of persons and purposes, the human beneficiaries do not have standing to enforce the trust, nor do they have any other enforceable rights against the trustee or trust Property. Instead, the only persons who have standing to enforce a STAR trust are those persons, whether beneficiaries or not, who are appointed as enforcers, either by the terms of the trust or by the court.
Private Trust Company
Over the last decade an increasing number of wealthy families have discovered that by establishing their own Private Trust Company (PTC) to serve as trustee of their trusts, rather than retaining the services of a commercial trustee, they are provided with additional flexibility, as well as economic benefits.
The paterfamilias will settle the shares in the newly-incorporated PTC on the commercial trustee to be held subject to the terms of the STAR Trust, with the purpose of:
i) Holding the shares in the PTC and
ii) Facilitating its operations as trustee of the various family trusts.
The commercial trust company, as trustee of the STAR Trust, will control the composition of the Board of Directors of the PTC. The STAR Trust will provide a Protector Committee (generally comprising family member, including the paterfamilias and his designated successor(s)) to enforce the trust and to act as a “balance” on the commercial trust company’s powers. This Protector Committee will have the power to remove and replace the commercial trust company as trustee of the STAR Trust.
By using this STAR Trust structure to own the shares in the PTC, all succession problems relating to the shares are overcome for the entire existence of the PTC and the paterfamilias can rest assured that the “owner” of the PTC will always have a legally enforceable duty to ensure that the PTC carries out the purpose for which it was established.