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A trust is a business entity which is founded on the base of the trust founder’s property which is given to the trustee to manage it the way to acquire maximum income and the profits from the trust’s activity are obtained by the beneficiaries. The founder is allowed to be a beneficiary himself. All assets which a founder passes into the trust possession become a trust assets and a founder cannot be liable by them.
Trust in Switzerland
Many wealthy people prefer to establish trusts in Switzerland for the purposes of saving their assets as the state has a clear and friendly legislation and taxation with a stable financial situation.
A trust in Switzerland has some distinct advantages:
A trust incorporator stays anonymous as the constituent documents have no data of the founder
No annual report is required for the trust activity
No state financial control for international Swiss trusts is required
Trusts in Switzerland became more popular since 2007 when The Hague Convention about trusts was affirmed by the Swiss government.
A Foundation in Switzerland
An offshore foundation in Switzerland is quite similar to a trust, the difference is that a foundation is a corporation by its legal form. A foundation can be used for protection of assets as well as trust. A foundation in Switzerland can be incorporated by private individual, a family or a group of people or a company. Foundation contributions can be not taxable; all participants of a Swiss foundation may expect the high level of confidentiality.
There are such kinds of foundation in Switzerland: public, state, private and mixed ones. Foundations can be incorporated quite easy and fast, they can be setup for a certain period of time.
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