Trusts and Foundations in 2023
What are trusts and foundations?
Trusts and foundations for individuals are charitable institutions that enable them to better structure and plan their private wealth in a sustainable manner.
Entrepreneurs and high net worth investors require Healy Consultants Group’s assistance with the migration of their assets into an offshore trust. Thereafter, our Clients no longer own the assets, thus legally minimizing international taxation by deferring tax payments and optimizing asset protection.
A foundation is a legal entity which, like a company, registers its details in a public registry. However, a foundation has no shareholders. Starting a foundation allows to hold assets in its own name for the purposes set out in its constitutive documents, and its administration and operation are carried out in accordance with contractual rather than fiduciary principles. Foundations are often set up for charitable purposes. For more information about Healy Consultants Group’s foundation services and fees, kindly refer to the “setting up a foundation” page
Types of Foundations
An independent foundation is where the funds are derived from an individual or a family and it is the most common type of private foundation. This type of foundation set up may be administered by the donor or members of the donor’s family, or by an independent board, making it one of the easiest forms of foundation set up because of the minimal number of people involved in its operation.
A corporate foundation is formed and funded by corporations but is a separate legal entity which has a Board of Directors usually made up of officials from the corporation. A corporation may embark on foundation set up with endowments or from periodic contributions from profits, or both.
An operating foundation has prime objectives of research, welfare, or other programs stated in its governing body. Most of the funds go towards these primary activities, though grants can be made to pursuits outside the primary activities.
It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfil those obligations annually. Let us know if you need Healy Consultants Group help to clarify your annual reporting obligations.