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Acquarius launch Gibraltar Foundations9th June 2017

Good news!
For many years Gibraltar regulated Trustees such as Acquarius have acted as counsellors to foundations in other territories such as Panama, Liechtenstein, Belize and Cyprus. However, we have not had the ability to create or register foundations in Gibraltar itself.

Act - now!
It comes as a welcome development that the Private Foundations Act 2017 came in to operation in Gibraltar on 11th April 2017. We now have a comprehensive Act providing the legal framework for the creation, registration, operation and winding up of foundations as well as the regulation of their management and a mechanism for the registration of overseas foundations. Since before the Act was implemented Acquarius have been carefully putting together the framework for our existing and any new clients to discuss the Act and how it could be advantageous to them.
 
What are they?
A Foundation is similar to a Trust in many respects but importantly is a separate and distinct legal entity. As such, it holds and manages property in its own name as the absolute legal owner. Foundations are often used in civil law jurisdictions, where the concept of trusts may not be generally understood and the legal title of the transfer of assets in to trust not recognised. You could download our leaflet here

Oliver Andlaw - Managing Director of the Acquarius Trust Groupthat explains more, Gibraltar Foundations.

Who is eligible?
So long as no beneficiaries of the foundation are ordinarily resident in Gibraltar, the foundation will not be taxable other than on income that accrues and derives from within Gibraltar. Most saving-type income is not taxable in any case. Further, Non Residents of Gibraltar are not taxed in Gibraltar on their income as a beneficiary.

A foundation will appeal to clients who:

· Are involved with jurisdictions where the concept of trusts is less well known or may not be recognised by the jurisdiction;
· Require a greater degree of confidentiality or control;
· Wish to protect property as part of family succession planning;
· Wish to safe-guard assets against economic or political uncertainty;
· Want to use foundations within commercial transactions, particularly when an ‘orphaned’ special purpose vehicle is required.

Clients are likely to find Gibraltar and Acquarius a very competitive jurisdiction both in terms of cost, professionalism and ease of transacting as potentially compared to other jurisdictions that may also be used. Whilst the Gibraltar Foundation is new to Gibraltar itself, Acquarius have acted as Councillors to Foundations in other Jurisdictions for many years and so you can expect an efficient and professional service throughout.

For more information please contact
Oliver Andlaw FCCA – Managing Director
oliver@acquarius.gi

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