ISBN : 9780199693450
The discipline of offshore financial law has developed substantially since the first edition of this book was published. The second edition updates the reader with developments in case law and legislation and also covers a more extensive range of offshore jurisdictions including new coverage of Switzerland, Dubai, Hong Kong, Alaska, Nevada, Singapore, and Liechtenstein. For ease of reference the new edition includes an introductory chapter which gives a summary of the legislative infrastructure in the various jurisdictions. This provides a quick guide to where to find answers on offshore financial law matters. Recognizing the importance of Islamic finance there is now a chapter on the Shari'a Trust in offshore financial law. Other new chapters focus on US 'Offshore' Trusts such as the Nevada and Alaska Trusts and the Foundation trust, a vehicle used in civil jurisdictions. Considering the impact of the G20 and more recent OECD discussions on confidentiality, disclosure, and tax issues, this new edition brings the reader up to date with the changing regulatory landscape concerning the offshore sector. All practitioners and scholars interested in offshore financial law will find this text to be an essential reference source on the law and practice in this sector.
PART I - FUNDAMENTALS OF THE OFFSHORE TRUST
1. Introduction - The Place of the Offshore Trust in the Offshore Financial Centre
2. Anatomy and Functions of the Offshore Trust
3. Special Trust Vehicles
4. Onshore Offshore Trusts - The United States Example
5. The Role and Powers of the Offshore Protector
6. Questions of Legitimacy and the Offshore Trust
7. Acceptance of the Offshore Trust
PART II - CHALLENGES TO THE OFFSHORE TRUST AND COMMON PITFALLS TO AVOID
8. Disclosure and Confidentiality Obligations
9. The Offshore Trust as a Sham
10. The Law on Fraudulent Conveyances, Creditors and the Offshore Trust
11. Duties of Trustees in Managing Offshore Trusts
12. Liability of Third Parties to the Trust
13. Trusts and Companies - Directors' Liabilities and Trustee Possibilities
PART III - THE OFFSHORE TAX FUNCTION
14. Assessing the Tax Function of Offshore Trusts
15. Overview of Statutory Tax Countermeasures against Offshore Trusts
16. Judicial Engineering of the Tax Function of Offshore Trusts
17. The Non-Enforcement of Foreign Fiscal Law - Sustaining the Tax Function of Offshore Trusts
18. The Emergence of Tax Exchange of Information Agreements and Other Treaty Arrangements
19. Duties of Offshore Trustees in Relation to Tax
PART IV - THE CONFLICT OF LAWS AND THE OFFSHORE TRUST
20. Transplanting the Common Law Trust - Conflict of Laws and the Acceptance of the Offshore Trust
21. Jurisdiction over the Offshore Trust
22. The Proper Law of the Offshore Trust
23. Recognition of the Offshore Trust in Civil Law Countries
24. Rights to Succession - Forced Heirs and the Offshore Trust
25. Capacity to Create the Offshore Trust and Initial Transfers of Assets
26. The Non-Enforcement of Foreign Judgments under Offshore Trust Law and Restraint Orders
