An offshore trust is one of the most flexible estate planning and investment vehicles available. Trusts permit complete flexibility in the management, control and ultimate distribution of assets, preservation and protection of wealth, and enhanced confidentiality. Offshore trust structures may also alleviate succession duties, wealth taxes, future hostile claims, forced heirship, exchange controls and probate fees.
J&T Bank and Trust (and its predecessor firm Bayshore Bank and Trust), has differentiated itself for over a decade providing comprehensive trust services customized to the individual needs of each client. Whether you wish to mitigate tax or protect your assets, J&T Bank and Trust executives will review your personal situation along with the applicable domestic and foreign rules and assist by establishing an appropriate structure and the necessary trustee and trust administration services.
Trusts have played an integral role in wealth management for centries providing the mechanism for advanced estate planning structures such as:
- Asset protection trusts that offer strong protection against creditor action
- Estate freeze structures whereby growth in a family company can be held in a trust for future generations
- Inbound structures that facilitate tax efficient asset growth of international holdings and distributions to onshore recipients
- Purpose trusts, such as charitable trusts, used to fulfill a philanthrophic goal
Trust Services in Barbados
Barbados provides three types of trusts that offer unique solutions for our clients' estate and tax planning needs. Working intimately with our clients' tax advisors, J&T Bank and Trust creates customized, carefully executed and properly managed solutions using:
- International Trusts are formed under the International Trust Act 1995 these trusts are non-domiciled for tax purposes and provide for Purpose Trusts which are established for the holding of shares or for commercial and international financing transactions.
- Domestic Trusts are beneficial for residents of tax treaty countries seeking benefits under those treaties, the trust is only taxable on undistributed income. There is no tax on capital gains in Barbados.
- Offshore Trusts are exempt from all Barbados taxes once certain criteria are met.