New Private Trust Company legislation makes Gibraltar an attractive jurisdiction in which to establish Family Office structures
26 February 2016
Until recently, a Private Trust Company could be established in Gibraltar and any limited company could act as a trustee provided that it was not carrying on a licensable activity.
Typically, the Financial Services Commission would be notified that the company, had been formed to administer a trust set up by one or more individuals from a single family, and that this was to be its sole purpose.
Whilst the mechanism provided a simple and cost effective process for establishing a Private Trust Company, the lack of a formal registration procedure often prevented professional advisers from recommending Gibraltar to their wealthy clients as an appropriate jurisdiction for the incorporation of such a company given that there was no legislative or regulatory framework from within which the Private Trust Company could be formally recognised and could operate.
The recent introduction of legislation governing the operation of Private Trust Companies provides greater protection and certainty for families looking to establish a family office structure, and will hopefully encourage professional advisers to consider and recommend Gibraltar as an attractive jurisdiction in which to establish a Private Trust Company structure.
Whitmill Trust has extensive experience of establishing and administering Private Trust Company structures.
For more information contact: Wayne Meenagh