Some clients less comfortable with the discretionary trust concept prefer to maintain greater ‘control’ over their offshore trusts and the use of a Private Trust Company helps facilitate this. In essence, the Private Trust Company’s sole function is to act as trustee of a family trust or series of related trusts. The board of directors of the trustee may include the settlor and other family members and advisors, thus providing them with a direct decision making function in the trustee. Harbour Trustees Limited would be represented on the board and carry out the day to day management of the underlying trusts and also administer the Private Trust Company itself.
The shares of the Private Trust Company can be held by a purpose trust, the aim of which is the provision of trustee services to the family trust. It is also possible for a foundation to act as owner of the Private Trust Company or it can be owned by the settlor or his family.
The Private Trust Company must be solely for private use. It may not make a profit or offer its services commercially.
We always welcome the opportunity to discuss with potential clients and their advisors how we can assist, please just contact us to do so.