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Bahamas Trust Formation

BAHAMAS TRUST

Type of Trust Asset Protection Trusts Charitable Trusts Authorised Purpose Trusts
Practical uses of trust: Estate planning and asset protection
Creation of the trust: transfer of property to the trustee and the beneficiaries are identifiable
Proper law of the trust: Common Law
Duration of the trust: Up to 150 years after the trust becomes irrevocable but a charitable and purpose trusts can last into perpetuity
Name of the trust and language of trust deed: Name of trust can be selected by the settlor and the language of the trust deed is English
Timing for trust creation: 1-2 weeks but it all depends on complexity of the trust
Minimum Government fees: US $350
Record in Public register: No requirement to register a trust
Custody of trust assets: The trustee must have either custody or control of such assets
Special requirement about the trustee (local resident requirement): No local residency requirement
Trustee resident of the European Economic Area is required (Y/N): No
Trustee: To be selected by the settlor
Settlor: To be named
Protector: To be named by the settlor
Beneficiaries: To be named by the settlor
Trust fund: Will reflect assets contributed by settlor
Double taxation treaty access: No
Taxation: No income, estate or gift tax in Bahamas
Record keeping requirements : Trustee must keep account of its trusteeship
Local representative requirement: Would be helpful if foreign trustee had local representative for service of process
Option to change proper law of the trust: This is a standard provision in trust deed
Any other special requirement: No

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At any moment, Damalion may decline any customer demand about this jurisdiction, at its sole discretion and without any obligation to provide any reason.

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