• Gibraltar Non-Resident Company
• Private Company Limited by Shares
• Company Limited by Guarantee
• The Gibraltar Tax Exempt Company
• The Gibraltar 1992 Company
• Public Company Limited by Shares
• Branch of Overseas Company
• The Qualifying Company
• Protected Cell Company
• Insurance companies
• General Partnership
• Limited Partnership
• Investment Funds
• Foundations
|
|
GIBRALTAR FOUNDATIONS & TRUSTS
-
There is not a great difference between a family foundation and a family trusts. They were used in the past and are used today for functions that totally overlap with trust functions. They are used for the following.
- The tying-up of family property;
- Protection of family property against liabilities vis-à-vis third parties;
- Protection of family members against themselves and against personal creditors;
- Succession into family property outside probate;
- Flexible succession planning;
- Tax planning;
- General asset protection against economic impairment by political events and state intervention.
-
The similarity in function also exists with respect to a beneficiary under a trust and a beneficiary under a foundation. The beneficiaries of both entities will have the following rights.
- a claim for proper (specific) performance against the trustee in the case of a trust and against the board of foundation where a foundation is concerned. Such a claim lays when the trust deed is not adhered to or where there is a breach of the foundation articles;
- a claim for a benefit from revenue and/or capital within the specific conditions detailed in the trust or foundation;
-
In summary, one can say that within civil law countries the foundation has developed, whilst in common law countries, the trust has developed, and both institutions have had the same functions and purposes and still do (where they have not been abolished).
next 
|