Volume 12 Issue 3 - Trusts & Trustees
Volume 12 Issue 3 - Trusts & Trustees
Volume 12 Issue 3 - Trusts & Trustees
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TRUSTS & TRUSTEES<br />
Opinion,Trends and Developments, Book Reviews and the Trust Register<br />
Principal Articles<br />
■ The Hastings-Bass Principle in<br />
the Cayman Islands<br />
by J Ross McDonough and Melanie Crinis<br />
■ Corporate trustees: a fresh look<br />
at the value-added for<br />
generational transitions<br />
by Barbara R. Hauser<br />
■ A new star is born: the Israeli<br />
Underlying Company<br />
by Alon Kaplan, Lyat Eyal and Shai Dover<br />
■ <strong>Trusts</strong> in a civil law environment:<br />
the new laws of San Marino<br />
by Paolo Panico<br />
■ Singapore Trust Companies Act<br />
by Edmund Leow and Dharshi Wijetunga<br />
<strong>Volume</strong> <strong>12</strong>, <strong>Issue</strong> 3<br />
February 2006<br />
Case Notes<br />
■ Power of variation of trusts on<br />
divorce: a matter for matrimonial<br />
not trust law<br />
Charalambous v Charalambous<br />
[2004] EWCA Civ 1030<br />
■ Jersey court ignores an English<br />
finding of a sham<br />
Minwalla v Minwalla (Royal<br />
Court of Jersey 20th July 2005)<br />
■ Equity’s inflexible rule under<br />
scrutiny: Murad v Al-Saraj<br />
by Tom Fyfe<br />
■ Corporate residence: taxpayer<br />
wins appeal in Wood v Holden;<br />
company ruled to be resident for<br />
tax purposes in the Netherlands,<br />
not UK<br />
by Jonathon Conder
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Trademark of Royal Bank of Canada, used under licence. <strong>Issue</strong>d by Royal Bank of Canada on behalf of the RBC Financial Group® subsidiary companies that comprise<br />
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Editor<br />
John Goldsworth<br />
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Richard East<br />
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Gostick Hall Publications<br />
(Elmscroft Limited)<br />
The Mill Office<br />
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Contents<br />
<strong>Volume</strong> <strong>12</strong>, <strong>Issue</strong> 3, February 2006<br />
Item Page<br />
Opinion 4<br />
A widow’s plight, Texas style<br />
Trends and Developments 5<br />
British Virgin Islands, Dubai, Hong Kong, Liechtenstein, United Kingdom, United States of America<br />
The Hastings-Bass Principle in the Cayman Islands 10<br />
The Grand Court of Cayman has considered the Hastings-Bass principle in a case instituted by the<br />
beneficiaries of a trust which had been restated with adverse consequences. This decision considered<br />
whether a breach of fiduciary duty is necessary before the principle can be applied, and whether a<br />
trustee’s actions are void or voidable.<br />
by J Ross McDonough and Melanie Crinis<br />
Corporate trustees: a fresh look at the value-added for generational transitions 13<br />
“The time has come the Walrus said to speak of many things. Of shoes and ships and sealing wax and<br />
cabbages and kings.” Alice in Wonderland<br />
The time has come for a fresh look at the value a corporate trustee can add for generational transitions.<br />
We are in a trustee “wonderland” now with a plethora of trustee choices and a fractionalisation of the<br />
trustee role. Should we suggest forming a new private trust company? Should we add a “protector” to<br />
have many of the trustee powers? What is a trustee for anyway?<br />
A different version of this article was published in <strong>Trusts</strong> & Estates, August 2005.<br />
by Barbara R. Hauser<br />
A new star is born: the Israeli Underlying Company 18<br />
Israel’s taxation system has been significantly revised and has undergone a major reform over the past<br />
few years.This commenced with the new taxation laws of 2003, pursuant to which an Israeli resident<br />
is taxed on worldwide income, and continued with the Taxation of <strong>Trusts</strong> Law (“the Law”) which<br />
became effective on 1st January 2006.This new law has great relevance for Israeli residents with respect<br />
to the taxing of trusts and may be advantageous to foreign residents from a tax perspective. If the Law<br />
is utilised correctly by foreign individuals, Israel may become a major international business and<br />
financial centre for non-residents.<br />
by Alon Kaplan, Lyat Eyal and Shai Dover<br />
<strong>Trusts</strong> in a civil law environment: the new laws of San Marino 20<br />
A major innovation to the trust laws in Europe is the introduction of trusts in San Marino. San Marino<br />
has pioneered the introduction of trust law in an Italian-speaking country and has shown the way to<br />
introduce trusts where some countries have been reluctant to do so.<br />
by Paolo Panico<br />
Singapore Trust Companies Act 25<br />
This information is reproduced from Baker & McKenzie, Wong & Leow’s Client Alert, Singapore.<br />
by Edmund Leow and Dharshi Wijetunga<br />
Case Notes 27<br />
■ Power of variation of trusts on divorce: a matter for matrimonial not trust law<br />
Charalambous v Charalambous [2004] EWCA Civ 1030<br />
■ Jersey court ignores an English finding of a sham<br />
Minwalla v Minwalla (Royal Court of Jersey 20th July 2005)<br />
■ Equity’s inflexible rule under scrutiny: Murad v Al-Saraj by Tom Fyfe<br />
■ Corporate residence: taxpayer wins appeal in Wood v Holden; company ruled to be resident for tax<br />
purposes in the Netherlands, not UK by Jonathan Conder<br />
Book Reviews 32<br />
■ Tolley’s UK Taxation of <strong>Trusts</strong> Fifteenth Edition<br />
by Matthew Hutton and Ian Ferrier<br />
■ Tolley’s Estate Planning 2005-06<br />
by Simon McKie and Sharon Anstey and chapters by Ken Chapman, Gillian Arthur and Simon Bruce<br />
■ Preowned Assets and Tax Planning Strategies<br />
by Emma Chamberlain and Chris Whitehouse<br />
■ Goff & Jones: The Law of Restitution First Supplement to the Sixth Edition<br />
by Lord Goff of Chieveley and Gareth Jones<br />
Trust Register 36<br />
Copyright: prior written consent is required before reproduction<br />
Every care has been taken over the accuracy of the contents of this publication but liability is not accepted by the publisher, editor, editorial advisors,<br />
contributors: their firms, partners, employees or colleagues, for any errors or omissions. Appropriate professional advice should be taken before<br />
embarking upon any transaction in connection with any matters contained in this journal.<br />
TRUSTS & TRUSTEES February 2006<br />
Contents<br />
1
Editorial Contributors<br />
TRUSTS & TRUSTEES acknowledges the contributions of articles, news, case notes and book reviews that have been published over<br />
the past <strong>12</strong> months.<br />
December/January 2006 ~ <strong>Volume</strong> <strong>12</strong> <strong>Issue</strong> 2<br />
✑ Risk and protection strategies for trustees<br />
Charles Gothard, Speechly Bircham,<br />
charles.gothard@speechlys.com<br />
✑ Using Total Return <strong>Trusts</strong><br />
Laurence J. Kline and Karl R. Anderson, Hoogendoorn & Talbot<br />
LLP lkline@hoogendoorntalbot.com and<br />
kanderson@hoogendoorntalbot.com<br />
November 2005 ~ <strong>Volume</strong> <strong>12</strong> <strong>Issue</strong> 1<br />
✑ Risk management for trusts and trustees<br />
Charles Gothard, Speechly Bircham,<br />
charles.gothard@speechlys.com<br />
✑ Swiss annuities and life insurance versus asset protection trusts<br />
Marco Gantenbein, SIP Swiss Insurance Partners<br />
info@swissinsurancepartners.com<br />
October 2005 ~ <strong>Volume</strong> 11 <strong>Issue</strong> 10<br />
✑ Constructive trusts, tracing and the requirement of a fiduciary<br />
obligation<br />
Mark Pawlowski, University of Greenwich,<br />
M.Pawlowski@gre.ac.uk<br />
✑ Render unto Caesar<br />
<strong>Trusts</strong> and tax: a tale of everyday tensions in investment life<br />
Guy Paterson, Unigestion (UK) Ltd gpaterson@unigestion.com<br />
September 2005 ~ <strong>Volume</strong> 11 <strong>Issue</strong> 9<br />
✑ English and offshore purpose trusts: a comparative study<br />
Jo Goldby, Howard Kennedy Solicitors,<br />
J.Goldby@howardkennedy.com and Mark Pawlowski, Professor<br />
of Property Law University of Greenwich, M.Pawlowski@gre.ac.uk<br />
July/August 2005 - <strong>Volume</strong> 11 <strong>Issue</strong> 8<br />
✑ <strong>Trusts</strong> for Anglo American families: the problems of dual citizen<br />
beneficiaries<br />
Andrew Penney Speechly Bircham andrew.penney@speechlys.com<br />
and Suzanne M Reisman Law Offices of Suzanne M Reisman<br />
suzanne@suzannereisman.com<br />
✑ Sham trusts: attack and defence<br />
John Fordham, Stephenson Harwood<br />
john.fordham@shlegal.com<br />
✑ Constructive trusts and business assets: Lloyd v Pickering<br />
Nicholas Collins University of East London n.j.collins@uel.ac.uk<br />
✑ A United States’ judge tackles the “Now you see it - now you<br />
don’t” strategy of offshore trusts<br />
June 2005 ~ <strong>Volume</strong> 11 <strong>Issue</strong> 7<br />
World Trust Survey 2005<br />
✑ Anguilla<br />
John O. Dyrud,Webster Dyrud Mitchell<br />
jdyrud@websterdyrud.com<br />
✑ Antigua and Barbuda<br />
Alice N. Roberts, CMT Corporate Services Limited,<br />
cmt@candw.ag and Clare K. Roberts, Roberts & Co,<br />
robertslaw@candw.ag<br />
✑ Bahamas<br />
Heather L.Thompson and Shira Mackenzie, Higgs &<br />
Johnson, hthompson@higgsjohnson.com and<br />
smackenzie@higgsjohnson.com<br />
✑ Barbados<br />
Compass International, LLP, London,<br />
info@compassgroupintl.com<br />
✑ Belize<br />
Stella Rudon, Compass Trust Corporation,<br />
rudon@compassgroupintl.com<br />
✑ Bermuda<br />
Michelle St Jane and Tammy Clarke-Richardson, Kairos<br />
Philanthropy, mstjane@myoffice.bm<br />
✑ British Virgin Islands<br />
Jennifer P.Webster, Coverdale Trust Services Ltd,<br />
JWebster@coverdalebvi.com and Vanessa King, O’Neal<br />
Webster, vking@onealwebster.com<br />
2<br />
Editorial<br />
Contributors<br />
TRUSTS & TRUSTEES February 2006<br />
✑ Swiss annuities as secure trust investments<br />
Marco Gantenbein, SIP Swiss Insurance Partners,<br />
info@swissinsurancepartners.com<br />
✑ Sham trusts<br />
Michael Preston,Voisin & Co., michaelpreston@voisinlaw.com<br />
✑ France might adopt a law on fiducie<br />
Dominique Troy, Baker & McKenzie SCP,<br />
dominique.troy@bakernet.com<br />
✑ New Dubai Trust Law<br />
Robert Brodrick,Trowers & Hamlins,<br />
✑ Swiss companies in international tax planning<br />
Christian H. Kälin, Henley & Partners AG,<br />
christian.kalin@henleyglobal.com<br />
✑ The problems and promise of perpetual trust laws<br />
Daniel G.Worthington,Wealth Management Group,<br />
dan.worthington@flhosp.org<br />
✑ The growing use of trust protectors: are we over-protected?<br />
Alexander A Bove, Jr,<br />
The Law Firm of Bove & Langa, P.C. bove@bovelaw.com<br />
✑ <strong>Trustees</strong>, investment fiduciaries and prudent standards<br />
Liz L. Flores,The Oversight Group LLC,<br />
Liz@oversight-group.com and Kristina Phelan, Stephen Bullock<br />
& Co kristinaphelan@yahoo.co.uk<br />
Alexander A Bove, Jr. and Melissa Langa The Law Firm of Bove<br />
& Langa, P.C. bove@bovelaw.com and langa@bovelaw.com<br />
✑ Civil Partnerships and the Finance Act(s): tax planning<br />
opportunities?<br />
Christopher Butler and Richard Hogwood Speechly Bircham<br />
christopher.butler@speechlys.com and<br />
richard.hogwood@speechlys.com<br />
✑ Problems with company residence<br />
Robin Vos Macfarlanes<br />
robin.vos@macfarlanes.com<br />
✑ Brunei Darussalam<br />
Khairul A. Khairuddin LL.B(Hons), MOI, HMR Trust Ltd,<br />
info@hmrtrust.com.bn<br />
✑ Canada (Ontario)<br />
Margaret R. O’Sullivan, Margaret O’Sullivan & Associates,<br />
mosullivan@osullivanlaw.com<br />
✑ Cayman Islands<br />
Tony Pursall, Maples & Calder,<br />
tony.pursall@maplesandcalder.com<br />
✑ China<br />
Steven Sieker and John Gu, Baker & McKenzie,<br />
steven.sieker@bakernet.com;<br />
john.gu@bakernet.com<br />
✑ Cook Islands<br />
Ronnie Summers, Portcullis TrustNet (Cook Islands) Limited,<br />
invest@trustnet.co.ck<br />
✑ Cyprus<br />
Elias A. Neocleous,Andreas Neocleous & Co,<br />
eliasn@neocleous.com<br />
✑ England (& Wales)<br />
John G. Goldsworth,The Mill Office, trusts@dial.pipex.com<br />
✑ Gibraltar<br />
Christopher White and Raquel Moss, Hassans,<br />
info@hassans.gi<br />
✑ Commercial trust development and securitisation of trust assets<br />
in the British Virgin Islands<br />
Mathew James Davies, Mercator Trust Company Limited,<br />
mathew.davies@mercatortrust.com<br />
✑ Barlow Clowes: clear vision on blind-eye dishonesty?<br />
Anthony Poulton and Tricia Wolford, Baker & McKenzie,<br />
anthony.poulton@bakernet.com tricia.wolford@bakernet.com<br />
✑ Reform of trust legislation in Guernsey<br />
Rupert Evans, Ozannes, rupert.evans@ozannes.com<br />
✑ <strong>Trustees</strong> everywhere - be afraid<br />
Ian Marsh,Withers LLP, ian.marsh@withersworldwide.com and<br />
Michael Ben Jacob,Withers Bergman LLP,<br />
michael.benjacob@withers.us.com<br />
✑ Gender Recognition Act: all change<br />
Jo Goldby and Charlie Klendjian, Howard Kennedy,<br />
J.Goldby@howardkennedy.com<br />
✑ The new Israeli Tax Law applicable to trusts: an overview<br />
Alon Kaplan, Alon Kaplan Law Firm, alon@kaplex.com and<br />
Shai Dover, CPA(il), Shai Dover Accounting Firm,<br />
dovers@walla.com<br />
✑ Inland Revenue loses deeming case<br />
Jonathan Conder Macfarlanes<br />
john.conder@macfarlanes.com<br />
✑ Trends and Developments<br />
Information provided by:<br />
Canada - Ian Worland, Legacy Tax & Trust Lawyers<br />
✑ Guernsey<br />
Advocate Peter Atkinson, Collas Day, inbox@collasday.com<br />
✑ Hong Kong<br />
William Ahern,Wealth and Tax Advisory Services (Asia) Limited -<br />
an HSBC Private Bank company, william.a.ahern@hsbcpb.com<br />
✑ India<br />
Mr Mrugen Trivedi, RSM & Co<br />
✑ Isle of Man<br />
Advocate Ben Hughes and Advocate Robert Colquitt, Cains<br />
Advocate Limited, bpfh@cains.co.im and ric@cains.co.im<br />
✑ Jersey<br />
Giles Corbin, Edward Devenport and Simon Gould, Mourant<br />
du Feu & Jeune, giles.corbin@mourant.com<br />
edward.devenport@mourant.com and<br />
simon.gould@mourant.com<br />
✑ Labuan<br />
Robert Liew and Chua Wei Min, Zaid Ibrahim & Co,<br />
robert.liew@zaidibrahim.com.sg and<br />
wei.min.chua@zaidibrahim.com.my<br />
✑ Latvia<br />
Mag.iur. Janis Grasis, University of Latvia, Janis.Grasis@one.lv<br />
✑ Liechtenstein<br />
Dr iur.Thomas Wilhelm, Heeb & Wilhelm,<br />
office.advo@zentauros.li
June 2005 ~ <strong>Volume</strong> 11 <strong>Issue</strong> 7 - Continued<br />
✑ Mauritius<br />
KC Li,TEP, Mauritius International Trust Co. Ltd, info@mitco.mu<br />
✑ Nauru<br />
Peter H. MacSporran, macsporran@norfolk.nf<br />
✑ Nevis<br />
Robin H. Cotterell FCA, Hanver Corporate Services Limited,<br />
rcotterell@stealthpost.com<br />
✑ New Zealand<br />
Mike Reynolds,Anchor <strong>Trustees</strong> International Limited,<br />
trustee@anchortrustees.co.nz<br />
✑ Panama<br />
Ramses Owens, Mossack Fonseca & Co,<br />
mftrust@mossfon.com<br />
✑ Russia<br />
Andrey Zhdanov, Baker & McKenzie,<br />
andrey.zhdanov@bakernet.com<br />
May 2005 ~ <strong>Volume</strong> 11 <strong>Issue</strong> 6<br />
✑ The Revision of the Law of <strong>Trusts</strong> in Malta<br />
Dr. Max Ganado, Institute of Financial Services Practitioners<br />
✑ Flexibility key to building Malta’s trusts sector New legislation<br />
brings international opportunities<br />
Joe Bannister, Malta Financial Services Authority<br />
chairman@mfsa.com.mt<br />
✑ Regulatory overview of the <strong>Trusts</strong> and <strong>Trustees</strong> Act<br />
Dr. Michelle Buontempo, Malta Financial Services Authority<br />
mbuontempo@mfsa.com.mt<br />
✑ Code of Conduct for trustees<br />
Dr. Paula Vella Sciriha, Malta Financial Services Authority<br />
psvella@mfsa.com.mt<br />
April 2005 ~ <strong>Volume</strong> 11 <strong>Issue</strong> 5<br />
✑ A trust lawyer looks at foundations<br />
John Goldsworth Editor of <strong>Trusts</strong> & <strong>Trustees</strong> trusts@dial.pipex.com<br />
✑ Introductory note from the editor<br />
Dr. Johanna Niegel Allgemeines Treuunternehmen sf1@atu.li<br />
✑ Foundation or trust? The practitioners dilemma<br />
by Nick Poole Mossack Fonseca & Co. (Jersey) Limited<br />
jersey@mossfon.com<br />
✑ UK Taxation of Foundations<br />
Paul Stibbard Baker & McKenzie paul.stibbard@bakernet.com<br />
✑ The use of foundations in international real estate structuring<br />
Christian H Kälin Henley & Partners<br />
christian.kalin@henleyglobal.com<br />
March 2005 ~ <strong>Volume</strong> 11 <strong>Issue</strong> 4<br />
✑ Securitisation in China<br />
Maria Xuereb Deloitte Touche Tohmatsu<br />
marxuereb@deloitte.com.hk<br />
✑ New Zealand <strong>Trusts</strong>: Charities Bill 2004<br />
Andrew Clements and Arran Boote,Trust & Leadership Coaching<br />
Limited and Staples Rodway andrew@trustleadership.com and<br />
arran.boote@staplesham.co.nz<br />
✑ <strong>Trustees</strong>’ reactions to beneficiaries rights to information<br />
Clare Maurice Allen & Overy LLP clare.maurice@allenovery.com<br />
February 2005 - <strong>Volume</strong> 11 <strong>Issue</strong> 3<br />
✑ Common pitfalls and traps that catch the unwary and invalidate<br />
the deed<br />
Simon P. Beck Baker & McKenzie simon.beck@bakernet.com<br />
✑ Practical administration of trusts - Part II<br />
Edward Buckland, Bedell Cristin Trust Suisse SA<br />
edward.buckland@bedellsuisse.com<br />
✑ Samoa<br />
Angela Nicolson, M Tax CA (Aust),Asiaciti Trust Samoa Limited,<br />
anicolson@asiaciti.com<br />
✑ Scotland<br />
Andrew M. C. Dalgleish, Brodies LL.P,<br />
andrew.dalgleish@brodies.co.uk<br />
✑ Seychelles<br />
Simon Mitchell LL.B., Mayfair Trust Group Limited,<br />
info@mayfair-offshore.com<br />
✑ Singapore<br />
Graeme W. Briggs,Asiaciti Trust Group, gwbriggs@asiaciti.com<br />
✑ South Africa<br />
Andre Visser, Deneys Reitz Attorneys, anv@deneysreitz.co.za<br />
✑ St Kitts<br />
Compass International LLP, info@compassgroupintl.com<br />
✑ Locating a trust business in Malta<br />
Dr. Max Ganado, Ganado & Associates<br />
mganado@jmganado.com<br />
✑ Operating a trust company in Malta<br />
Malcolm Becker, Bentley Trust Limited<br />
admin@bentleytrust.com.mt<br />
✑ The taxation of trusts in Malta from an international perspective<br />
Conrad Cassar Torregiani, Deloitte & Touche<br />
ctorregiani@deloitte.com.mt and Anthony Cremona, Ganado &<br />
Associates acremona@jmganado.com<br />
✑ Duty of trustees to disclose information to beneficiaries under<br />
Maltese Law Dr. Rachael Cassar Torreggiani,ThakeDesira<br />
Advocates rct@thakedesira.com<br />
✑ Foundations in Austria<br />
Dr. Friedrich Schwank Law Offices Dr. F. Schwank<br />
offices@schwank.com<br />
✑ Foundations in The Bahamas<br />
Heather L Thompson and David F Allen Higgs & Johnson<br />
hthompson@higgsjohnson.com and dallen@higgsjohnson.com<br />
✑ Foundations in Jersey<br />
Paul A Jackson H&P Trust Company<br />
paul.jackson@henleyglobal.com<br />
✑ Foundations in St. Kitts<br />
Shawna Lake Ministry of Finance directormd@caribsurf.com<br />
✑ The Nevis Multiform Foundation<br />
Robin Cotterell Hanver Corporate Services Limited<br />
rcotterell@stealthpost.com<br />
✑ Chameleon trusts in offshore structures<br />
Sylvia V Froud Vicena International Ltd consult@vicena.co.uk<br />
✑ Forced Heirship in Israel: is a choice of law provision in a last will<br />
and testament enforceable?<br />
Alon Kaplan and Ms Lyat Eyal, Esq. Alon Kaplan Law Firm<br />
kaplex@netvision.net.il and lyat@kaplex.com<br />
✑ Proposed changes to trusts legislation in Jersey Carey Olsen<br />
✑ Civil Partnership Act 2004 and the use of trusts<br />
Christopher Butler and Richard Hogwood Speechly Bircham<br />
christopher.butler@speechlys.com and<br />
richard.hogwood@speechlys.com<br />
Editorial Contributors<br />
✑ St Lucia<br />
Najhdla Dilsuk and Nicholas John., Hewanorra Fiduciary<br />
Services Group, njandco-compliance@candw.lc and<br />
john.nic@candw.lc<br />
✑ St.Vincent and the Grenadines<br />
Kristina Phelan, P.R. Campbell & Co,<br />
kristinaphelan@prcampbell.com<br />
✑ Turks and Caicos Islands<br />
Adrian G. Corr and Steve Ross, M & S Trust Company Limited,<br />
mslaw@tciway.tc<br />
✑ United States Virgin Islands<br />
Marjorie Rawls Roberts, Esq and Harris Angell, Esq, Law<br />
Offices of Marjorie Rawls Roberts, P.C.,<br />
Jorie@MarjorieRobertsPC.com<br />
✑ Vanuatu<br />
Thomas M. Bayer, PITCO (Pacific International Trust Company<br />
Limited), security@vila.net<br />
✑ The Maltese Law applicable to trusts: balancing the application of<br />
mandatory rules with freedom of disposition<br />
Dr.Tonio Fenech, Fenech & Fenech Advocates<br />
tonio.fenech@fenlex.com<br />
✑ Discussing the statutory obligations of trustees in particular<br />
those relating to their duties to maintain accounting records of<br />
their stewardship<br />
George M. Mangion, PKF Malta, gmm@pkfmalta.com<br />
✑ Trends and Developments<br />
Information provided by:<br />
Malta - Dr Max Ganado, Ganado & Associates<br />
United States of America - Mary Simon,Vigal & Simon Inc.<br />
✑ Foundations (“Yayasan”) in Indonesian Law<br />
Theodoor Bakker Ali Budiardjo, Nugroho, Reksodiputro<br />
tbakker@abnrlaw.com<br />
✑ Foundations in Italy<br />
Dott. Andrea Sacchi and Dott. ssa Giulia Baldi Ministry of<br />
Finance directormd@caribsurf.com<br />
✑ Questionnaire information provided by:<br />
Gibraltar - Clotilde Briquet and Chris White<br />
Isle of Man - Charles Cain<br />
Liechtenstein - Roger Frick<br />
The Netherlands - Roy van den Munckhof and Marco Visser<br />
Netherlands Antilles - Wouter H. Muller and Aede Gerbranda<br />
Panama - Dayra Berbey de Rojas<br />
Switzerland - Dr. Edgar H. Paltzer<br />
✑ South African settlers and estimated assessments<br />
Julian Ware and Paul Roper Trust & Tax Management CC and<br />
Grant Thornton Stonehage jware@iafrica.com and<br />
paul.roper@stonehage.com<br />
✑ Across your desk<br />
Ralph Ray Wilsons ph@wilsonslaw.com<br />
✑ Recent UK tax changes and their effect on trust structures in the<br />
UK and abroad<br />
Gregory Laming and Julie Cook Mills & Reeve<br />
gregory.laming@mills-reeve.com and<br />
julie.cook@mills-reeve.com<br />
TRUSTS & TRUSTEES February 2006<br />
Editorial<br />
Contributors<br />
3
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