Front Matter (PDF) - Trusts & Trustees

TRUSTS & TRUSTEES
Volume 12, Issue 5
April 2006

Editor
John Goldsworth
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Gostick Hall Publications
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Contents
Volume 12, Issue 5, April 2006
Item Page
Introductory articles
Reflections on the versatility of the international private foundation 4
by Dr. Johanna Niegel, LL.M.
Discovering the world of international foundations 6
by John Goldsworth, LL.B., LL.M.
Articles
The proposed Anguilla Foundation Act 2006 8
by John D.K. Lawrence and Dr.Tom Haeusler
The Austrian private foundation as an important means for international investors 10
by Dr. Friedrich Schwank
Drafting the charter of a Bahamian foundation 12
by Heather L.Thompson
Companies in Gibraltar limited by guarantee acting as private foundations 14
by Clotilde Briquet and Chris White
Foundations (“Yayasan”) under Indonesian law revisited 16
by Theodoor Bakker
Managing a foundation in the IoM - thinking of the future 20
by Charles Cain
Italian foundations and charitable trusts compared and contrasted 22
by Salvatore di Salvatore, LL.M., and Anna Zappia
Cultural and artistic foundations in Italy 24
by Dott. ssa Giulia Baldi
The expanding foundation culture? 26
by Nick Poole and Andrzej Radomski
Liechtenstein private foundations: a synopsis 30
by Oliver Schmidt lic. iur, LL.M.
The information rights of beneficiaries of a Liechtenstein foundation – 37
an overview of recent court rulings
by Dr. Markus Summer, LL.M.
The foundation and the private foundation under Netherlands Antilles law 41
by Aede Gerbranda
Two practical uses for Dutch foundations 44
by Roy van den Munckhof, LL.M.
The Nevis multiform foundation: 47
a versatile instrument for use in international estate planning and asset management
by Robin H. Cotterell FCA
Advantages of the Panamanian private interest foundation for the offshore investor 50
by Randall S.Webster
The liability of the members of the foundation council in the 53
Panamanian private interest foundation
by Dayra Berbey de Rojas
Frequently asked questions about St. Kitts foundations 56
by Shawna Lake
Swiss code on foundations revised after nearly 100 years 59
by Dr. Edgar H. Paltzer, LL.M. and Daniel Schmid, LL.M.
Trust Register 64
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TRUSTS & TRUSTEES | Private Foundations: a world review 2006 | April 2006
Contents
1

Editorial Contributors
TRUSTS & TRUSTEES acknowledges the contributions of articles, news, case notes and book reviews that have been published over
the past 12 months.
March 2006 ~ Volume 12 Issue 4
✑ Managing trustee conflicts of interest
St John A Robilliard, Ozannes, stjohn.robilliard@ozannes.com
✑ Protecting family wealth from divorce: Part 1
Christopher Butler,Alison Meek and Charles Gothard,
Speechly Bircham christopher.butler@speechlys.com,
alison.meek@speechlys.com and
charles.gothard@speechlys.com
✑ Trust in arbitration
Charles Lloyd and Jonathan Pratt, Macfarlanes,
charles.lloyd@macfarlanes.com and
jonathan.pratt@macfarlanes.com
February 2006 ~ Volume 12 Issue 3
✑ The Hastings-Bass Principle in the Cayman Islands
J Ross McDonough and Melanie Crinis, Campbells Attorneys,
rmcdonough@campbells.com.ky and mcrinis@campbells.com.ky
✑ Corporate trustees: a fresh look at the value-added for
generational transitions
Barbara R. Hauser, Cadwalader,Wickersham & Taft LLP
Barbara.Hauser@cwt.com
December/January 2006 ~ Volume 12 Issue 2
✑ Risk and protection strategies for trustees
Charles Gothard, Speechly Bircham,
charles.gothard@speechlys.com
✑ Using Total Return Trusts
Laurence J. Kline and Karl R. Anderson, Hoogendoorn & Talbot
LLP lkline@hoogendoorntalbot.com and
kanderson@hoogendoorntalbot.com
November 2005 ~ Volume 12 Issue 1
✑ Risk management for trusts and trustees
Charles Gothard, Speechly Bircham,
charles.gothard@speechlys.com
✑ Swiss annuities and life insurance versus asset protection trusts
Marco Gantenbein, SIP Swiss Insurance Partners
info@swissinsurancepartners.com
October 2005 ~ Volume 11 Issue 10
✑ Constructive trusts, tracing and the requirement of a fiduciary
obligation
Mark Pawlowski, University of Greenwich,
M.Pawlowski@gre.ac.uk
✑ Render unto Caesar
Trusts and tax: a tale of everyday tensions in investment life
Guy Paterson, Unigestion (UK) Ltd gpaterson@unigestion.com
September 2005 ~ Volume 11 Issue 9
✑ English and offshore purpose trusts: a comparative study
Jo Goldby, Howard Kennedy Solicitors,
J.Goldby@howardkennedy.com and Mark Pawlowski, Professor
of Property Law University of Greenwich, M.Pawlowski@gre.ac.uk
July/August 2005 - Volume 11 Issue 8
✑ Trusts for Anglo American families: the problems of dual citizen
beneficiaries
Andrew Penney Speechly Bircham andrew.penney@speechlys.com
and Suzanne M Reisman Law Offices of Suzanne M Reisman
suzanne@suzannereisman.com
✑ Sham trusts: attack and defence
John Fordham, Stephenson Harwood
john.fordham@shlegal.com
✑ Constructive trusts and business assets: Lloyd v Pickering
Nicholas Collins University of East London n.j.collins@uel.ac.uk
2
Editorial
Contributors
✑ Singapore Budget 2006: implications for the wealth management
industry
Kenny Foo,Withers,
kenny.foo@withersworldwide.com
✑ Rectification of a trust to provide accumulation of income
St John A Robilliard, Ozannes, stjohn.robilliard@ozannes.com
✑ ‘Judicious breaches of trust’: where now for the trustee
exemption clause?
William Richmond-Coggan, Fladgate Fielder,
wr_coggan@fladgate.com
✑ A new star is born: the Israeli Underlying Company
Alon Kaplan, Lyat Eyal and Shai Dover, Alon Kaplan Law Firm
and Shai Dover Accounting Firm,
alon@kaplex.com,lyat@kaplex.com and dovers@walla.com
✑ Trusts in a civil law environment: the new laws of San Marino
Paolo Panico, Private Trustees S.A.,
ppanico@unimore.it
✑ Swiss annuities as secure trust investments
Marco Gantenbein, SIP Swiss Insurance Partners,
info@swissinsurancepartners.com
✑ Sham trusts
Michael Preston,Voisin & Co., michaelpreston@voisinlaw.com
✑ France might adopt a law on fiducie
Dominique Troy, Baker & McKenzie SCP,
dominique.troy@bakernet.com
✑ New Dubai Trust Law
Robert Brodrick,Trowers & Hamlins,
✑ Swiss companies in international tax planning
Christian H. Kälin, Henley & Partners AG,
christian.kalin@henleyglobal.com
✑ The problems and promise of perpetual trust laws
Daniel G.Worthington,Wealth Management Group,
dan.worthington@flhosp.org
✑ The growing use of trust protectors: are we over-protected?
Alexander A Bove, Jr,
The Law Firm of Bove & Langa, P.C. bove@bovelaw.com
✑ Trustees, investment fiduciaries and prudent standards
Liz L. Flores,The Oversight Group LLC,
Liz@oversight-group.com and Kristina Phelan, Stephen Bullock
& Co kristinaphelan@yahoo.co.uk
✑ A United States’ judge tackles the “Now you see it - now you
don’t” strategy of offshore trusts
Alexander A Bove, Jr. and Melissa Langa The Law Firm of Bove
& Langa, P.C. bove@bovelaw.com and langa@bovelaw.com
✑ Civil Partnerships and the Finance Act(s): tax planning
opportunities?
Christopher Butler and Richard Hogwood Speechly Bircham
christopher.butler@speechlys.com and
richard.hogwood@speechlys.com
TRUSTS & TRUSTEES | Private Foundations: a world review 2006 | April 2006
✑ Use of trusts in Spain
David Franks, Blevins Franks, david.franks@blevinsfranks.com
✑ Trends and Developments
Information provided by:
Jersey - Charles Gothard Speechly Bircham
✑ Singapore Trust Companies Act
Edmund Leow and Dharshi Wijetunga
Baker & McKenzie.Wong & Leow Limited
✑ Trends and Developments
Information provided by:
Hong Kong - Lea & White
United Kingdom - Mariota Kinross and George Francis,
Payne Hicks Beach
Vanuatu - PITCO
✑ Commercial trust development and securitisation of trust assets
in the British Virgin Islands
Mathew James Davies, Mercator Trust Company Limited,
mathew.davies@mercatortrust.com
✑ Barlow Clowes: clear vision on blind-eye dishonesty?
Anthony Poulton and Tricia Wolford, Baker & McKenzie,
anthony.poulton@bakernet.com tricia.wolford@bakernet.com
✑ Reform of trust legislation in Guernsey
Rupert Evans, Ozannes, rupert.evans@ozannes.com
✑ Trustees everywhere - be afraid
Ian Marsh,Withers LLP, ian.marsh@withersworldwide.com and
Michael Ben Jacob,Withers Bergman LLP,
michael.benjacob@withers.us.com
✑ Gender Recognition Act: all change
Jo Goldby and Charlie Klendjian, Howard Kennedy,
J.Goldby@howardkennedy.com
✑ The new Israeli Tax Law applicable to trusts: an overview
Alon Kaplan, Alon Kaplan Law Firm, alon@kaplex.com and
Shai Dover, CPA(il), Shai Dover Accounting Firm,
dovers@walla.com
✑ Problems with company residence
Robin Vos Macfarlanes
robin.vos@macfarlanes.com
✑ Inland Revenue loses deeming case
Jonathan Conder Macfarlanes
john.conder@macfarlanes.com
✑ Trends and Developments
Information provided by:
Canada - Ian Worland, Legacy Tax & Trust Lawyers

June 2005 ~ Volume 11 Issue 7
World Trust Survey 2005
✑ Anguilla
John O. Dyrud,Webster Dyrud Mitchell
jdyrud@websterdyrud.com
✑ Antigua and Barbuda
Alice N. Roberts, CMT Corporate Services Limited,
cmt@candw.ag and Clare K. Roberts, Roberts & Co,
robertslaw@candw.ag
✑ Bahamas
Heather L.Thompson and Shira Mackenzie, Higgs &
Johnson, hthompson@higgsjohnson.com and
smackenzie@higgsjohnson.com
✑ Barbados
Compass International, LLP, London,
info@compassgroupintl.com
✑ Belize
Stella Rudon, Compass Trust Corporation,
rudon@compassgroupintl.com
✑ Bermuda
Michelle St Jane and Tammy Clarke-Richardson, Kairos
Philanthropy, mstjane@myoffice.bm
✑ British Virgin Islands
Jennifer P.Webster, Coverdale Trust Services Ltd,
JWebster@coverdalebvi.com and Vanessa King, O’Neal
Webster, vking@onealwebster.com
✑ Brunei Darussalam
Khairul A. Khairuddin LL.B(Hons), MOI, HMR Trust Ltd,
info@hmrtrust.com.bn
✑ Canada (Ontario)
Margaret R. O’Sullivan, Margaret O’Sullivan & Associates,
mosullivan@osullivanlaw.com
✑ Cayman Islands
Tony Pursall, Maples & Calder,
tony.pursall@maplesandcalder.com
✑ China
Steven Sieker and John Gu, Baker & McKenzie,
steven.sieker@bakernet.com;
john.gu@bakernet.com
✑ Cook Islands
Ronnie Summers, Portcullis TrustNet (Cook Islands) Limited,
invest@trustnet.co.ck
May 2005 ~ Volume 11 Issue 6
✑ The Revision of the Law of Trusts in Malta
Dr. Max Ganado, Institute of Financial Services Practitioners
✑ Flexibility key to building Malta’s trusts sector New legislation
brings international opportunities
Joe Bannister, Malta Financial Services Authority
chairman@mfsa.com.mt
✑ Regulatory overview of the Trusts and Trustees Act
Dr. Michelle Buontempo, Malta Financial Services Authority
mbuontempo@mfsa.com.mt
✑ Code of Conduct for trustees
Dr. Paula Vella Sciriha, Malta Financial Services Authority
psvella@mfsa.com.mt
April 2005 ~ Volume 11 Issue 5
✑ A trust lawyer looks at foundations
John Goldsworth Editor of Trusts & Trustees trusts@dial.pipex.com
✑ Introductory note from the editor
Dr. Johanna Niegel Allgemeines Treuunternehmen sf1@atu.li
✑ Foundation or trust? The practitioners dilemma
by Nick Poole Mossack Fonseca & Co. (Jersey) Limited
jersey@mossfon.com
✑ UK Taxation of Foundations
Paul Stibbard Baker & McKenzie paul.stibbard@bakernet.com
✑ The use of foundations in international real estate structuring
Christian H Kälin Henley & Partners
christian.kalin@henleyglobal.com
March 2005 ~ Volume 11 Issue 4
✑ Securitisation in China
Maria Xuereb Deloitte Touche Tohmatsu
marxuereb@deloitte.com.hk
✑ New Zealand Trusts: Charities Bill 2004
Andrew Clements and Arran Boote,Trust & Leadership Coaching
Limited and Staples Rodway andrew@trustleadership.com and
arran.boote@staplesham.co.nz
✑ Trustees’ reactions to beneficiaries rights to information
Clare Maurice Allen & Overy LLP clare.maurice@allenovery.com
✑ Cyprus
Elias A. Neocleous,Andreas Neocleous & Co,
eliasn@neocleous.com
✑ England (& Wales)
John G. Goldsworth,The Mill Office, trusts@dial.pipex.com
✑ Gibraltar
Christopher White and Raquel Moss, Hassans,
info@hassans.gi
✑ Guernsey
Advocate Peter Atkinson, Collas Day, inbox@collasday.com
✑ Hong Kong
William Ahern,Wealth and Tax Advisory Services (Asia) Limited -
an HSBC Private Bank company, william.a.ahern@hsbcpb.com
✑ India
Mr Mrugen Trivedi, RSM & Co
✑ Isle of Man
Advocate Ben Hughes and Advocate Robert Colquitt, Cains
Advocate Limited, bpfh@cains.co.im and ric@cains.co.im
✑ Jersey
Giles Corbin, Edward Devenport and Simon Gould, Mourant
du Feu & Jeune, giles.corbin@mourant.com
edward.devenport@mourant.com and
simon.gould@mourant.com
✑ Labuan
Robert Liew and Chua Wei Min, Zaid Ibrahim & Co,
robert.liew@zaidibrahim.com.sg and
wei.min.chua@zaidibrahim.com.my
✑ Latvia
Mag.iur. Janis Grasis, University of Latvia, Janis.Grasis@one.lv
✑ Liechtenstein
Dr iur.Thomas Wilhelm, Heeb & Wilhelm,
office.advo@zentauros.li
✑ Mauritius
KC Li,TEP, Mauritius International Trust Co. Ltd, info@mitco.mu
✑ Nauru
Peter H. MacSporran, macsporran@norfolk.nf
✑ Nevis
Robin H. Cotterell FCA, Hanver Corporate Services Limited,
rcotterell@stealthpost.com
✑ Locating a trust business in Malta
Dr. Max Ganado, Ganado & Associates
mganado@jmganado.com
✑ Operating a trust company in Malta
Malcolm Becker, Bentley Trust Limited
admin@bentleytrust.com.mt
✑ The taxation of trusts in Malta from an international perspective
Conrad Cassar Torregiani, Deloitte & Touche
ctorregiani@deloitte.com.mt and Anthony Cremona, Ganado &
Associates acremona@jmganado.com
✑ Duty of trustees to disclose information to beneficiaries under
Maltese Law Dr. Rachael Cassar Torreggiani,ThakeDesira
Advocates rct@thakedesira.com
✑ Foundations in Austria
Dr. Friedrich Schwank Law Offices Dr. F. Schwank
offices@schwank.com
✑ Foundations in The Bahamas
Heather L Thompson and David F Allen Higgs & Johnson
hthompson@higgsjohnson.com and dallen@higgsjohnson.com
✑ Foundations in Jersey
Paul A Jackson H&P Trust Company
paul.jackson@henleyglobal.com
✑ Foundations in St. Kitts
Shawna Lake Ministry of Finance directormd@caribsurf.com
✑ The Nevis Multiform Foundation
Robin Cotterell Hanver Corporate Services Limited
rcotterell@stealthpost.com
✑ Chameleon trusts in offshore structures
Sylvia V Froud Vicena International Ltd consult@vicena.co.uk
✑ Forced Heirship in Israel: is a choice of law provision in a last will
and testament enforceable?
Alon Kaplan and Ms Lyat Eyal, Esq. Alon Kaplan Law Firm
kaplex@netvision.net.il and lyat@kaplex.com
✑ Proposed changes to trusts legislation in Jersey Carey Olsen
Editorial Contributors
✑ New Zealand
Mike Reynolds,Anchor Trustees International Limited,
trustee@anchortrustees.co.nz
✑ Panama
Ramses Owens, Mossack Fonseca & Co,
mftrust@mossfon.com
✑ Russia
Andrey Zhdanov, Baker & McKenzie,
andrey.zhdanov@bakernet.com
✑ Samoa
Angela Nicolson, M Tax CA (Aust),Asiaciti Trust Samoa Limited,
anicolson@asiaciti.com
✑ Scotland
Andrew M. C. Dalgleish, Brodies LL.P,
andrew.dalgleish@brodies.co.uk
✑ Seychelles
Simon Mitchell LL.B., Mayfair Trust Group Limited,
info@mayfair-offshore.com
✑ Singapore
Graeme W. Briggs,Asiaciti Trust Group, gwbriggs@asiaciti.com
✑ South Africa
Andre Visser, Deneys Reitz Attorneys, anv@deneysreitz.co.za
✑ St Kitts
Compass International LLP, info@compassgroupintl.com
✑ St Lucia
Najhdla Dilsuk and Nicholas John., Hewanorra Fiduciary
Services Group, njandco-compliance@candw.lc and
john.nic@candw.lc
✑ St.Vincent and the Grenadines
Kristina Phelan, P.R. Campbell & Co,
kristinaphelan@prcampbell.com
✑ Turks and Caicos Islands
Adrian G. Corr and Steve Ross, M & S Trust Company Limited,
mslaw@tciway.tc
✑ United States Virgin Islands
Marjorie Rawls Roberts, Esq and Harris Angell, Esq, Law
Offices of Marjorie Rawls Roberts, P.C.,
Jorie@MarjorieRobertsPC.com
✑ Vanuatu
Thomas M. Bayer, PITCO (Pacific International Trust Company
Limited), security@vila.net
✑ The Maltese Law applicable to trusts: balancing the application of
mandatory rules with freedom of disposition
Dr.Tonio Fenech, Fenech & Fenech Advocates
tonio.fenech@fenlex.com
✑ Discussing the statutory obligations of trustees in particular
those relating to their duties to maintain accounting records of
their stewardship
George M. Mangion, PKF Malta, gmm@pkfmalta.com
✑ Trends and Developments
Information provided by:
Malta - Dr Max Ganado, Ganado & Associates
United States of America - Mary Simon,Vigal & Simon Inc.
✑ Foundations (“Yayasan”) in Indonesian Law
Theodoor Bakker Ali Budiardjo, Nugroho, Reksodiputro
tbakker@abnrlaw.com
✑ Foundations in Italy
Dott. Andrea Sacchi and Dott. ssa Giulia Baldi Ministry of
Finance directormd@caribsurf.com
✑ Questionnaire information provided by:
Gibraltar - Clotilde Briquet and Chris White
Isle of Man - Charles Cain
Liechtenstein - Roger Frick
The Netherlands - Roy van den Munckhof and Marco Visser
Netherlands Antilles - Wouter H. Muller and Aede Gerbranda
Panama - Dayra Berbey de Rojas
Switzerland - Dr. Edgar H. Paltzer
✑ South African settlers and estimated assessments
Julian Ware and Paul Roper Trust & Tax Management CC and
Grant Thornton Stonehage jware@iafrica.com and
paul.roper@stonehage.com
✑ Across your desk
Ralph Ray Wilsons ph@wilsonslaw.com
TRUSTS & TRUSTEES | Private Foundations: a world review 2006 | April 2006
Editorial
Contributors
3