Private Trust Companies of The Bahamas

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The use of a Bahamian Private Trust Company creates a balance between the needs of a family to control trust assets yet ensure that those assets remain in trust. It enables the family to own operating businesses in a trust while having an involvement in the management of their family business. It involves a local incorporated company or an IBC to act as trustee of one or more trusts for a single family. Such trust company in turn holds the private company shares. The shares of the PTC can be held by a purpose trust or a charitable trust, i.e. a trust with no beneficiaries and the objective (“purpose”) to hold the shares in the PTC. This exercise is to make ownership disappear and to add an additional guarantee that the initial intention of the Settlor is maintained.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Mario McCartney, LEX JUSTIS | Attorney Advertising

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