Monthly Archives: July 2010

What is a trust – Set up a trust in Uruguay

Central and South American Tax & Money Havens, , , ,
What is a Trust?

It is a legal transaction that involves the transfer of property or rights of the estate of a person or entity to form an autonomous patrimony entrusted to an administrator to manage it or to exercise the rights in compliance with certain instructions in favor of one or more beneficiaries.In compliance with the prescribed term or condition, such property or rights are restored to whom the property or rights conveyed or transferred to a third party.

How are called the different parties involved in the establishment of a trust?
The person who conveys the property or rights of the business object to the instructions on how to proceed with it, is called the trustor or settlor.The person who receives such property or right (trust assets) in order to comply with the provisions of the deed or deed of trust, this is called TRUST. The trustee or beneficiary is the person who receives the benefits of the property or rights managed by the Trust. The Trustor (the person who conveys the property or rights) may also be the beneficiary.The property business objects out of the assets of the Trustor (who conveys the goods) and constitute the trust property passing to form an independent involvement heritage assets of the Trust and excluded from the guarantee of the creditors of this. Both the Trustor and the Beneficiary may exercise their rights to ensure compliance with the trust according to script it gives rise.

 

Use of an Uruguay based Trust ?
Applications for this new instrument are different: one of the most anticipated in Uruguay is as facilitator of the credit instrument. Those who need to obtain a loan can establish a trust which by its nature separates certain assets of the estate of the person to constitute a separate estate, free of any affectation. The trust is a more efficient means of assurance in the field of business, giving greater legal certainty for investors. Compared to the real rights of mortgage or pledge, (traditional security instruments used in Uruguay) in the Trust property has been transferred to the Trustee who will administer the Trust in accordance with the instructions provided by the Trustor. Upon fulfilling the condition or term of affection that heritage will be returned to Trustor or Beneficiary shall be transmitted in compliance with the agreement without court action.Contact us if you want to set up a trust in Uruguay, or need advise regarding the use of trusts.
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Swiss bank secrecy deteriorate – Grant go ahead for UBS agreement

European Tax & Money Havens, ,

After a tough political battle, fraught with tension and speculation, Switzerland’s National Council and Senate have finally united in their decision not to subject the UBS agreement to a national referendum.

The landmark victory comes as the National Council, the country’s lower house of parliament, yielded at the eleventh hour, and followed the advice of the conciliation group (comprising 13 members of each council) set up to resolve the highly critical issue. Marking a significant u-turn, the lower house voted by 81 votes to 63, with 47 abstentions, against a referendum.

An agreement was eventually reached thanks to the decision by the Swiss People’s Party (SVP) to reverse its previous stance and to approve the treaty in order to prevent its collapse. Failure by the National Council to comply with the conciliation group’s recommendations would have resulted in an end to the agreement.

Commenting on parliament’s decision, UBS stated that:
“UBS welcomes today’s Swiss Parliamentary approval of the US-Swiss Government Agreement. This vote is an important step to support the resolution at the governmental level.”

“UBS continues to focus on its comprehensive and timely compliance with all obligations under its separate settlement agreements with the US Department of Justice and the Securities and Exchange Commission (known as the Deferred Prosecution Agreement, or DPA, and Consent Order) and is confident that this will be achieved by the relevant deadlines in August 2010.”

As a result of parliament’s decision to give the green light to the agreement, the Swiss Federal Council will now be able to assist US authorities under the terms of the agreement by August 19.

Concluded in August last year, the agreement provides that UBS is to disclose to US authorities the names and bank details of 4,450 of its American clients, suspected of evading taxes over a number of years with the help of the Swiss banking giant. In return, civil charges against the bank will be dropped.

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