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A trust is a means of managing wealth
for the benefit of one or more individuals. It is an arrangement
binding a trustee to hold and manage assets for the benefit of
beneficiaries according to the terms of the trust. The trust has
become an attractive and often used vehicle for wealth preservation
and management, providing solutions to financial problems which
affect private wealth. Trusts offer tax efficiency, succession
without probate, and the effective protection and management of
assets.
Trust law in Barbados
is based on English common law, supplemented by Barbados
legislation. Barbados is a unique jurisdiction in the area of trust
law because it has three specific pieces of legislation under which
a trust may be established — the International Financial Services
Act, the International Trusts Act and the Trustees Act. As
international trusts are non-taxable in Barbados, they are
attractive and flexible instruments designed to achieve specific
objectives.
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