Asset Protection Trusts and Gibraltar's Legislation
| DOI | https://doi.org/10.1108/eb025640 |
| Published date | 01 March 1994 |
| Date | 01 March 1994 |
| Pages | 115-120 |
| Author | B.J.S. Marrache |
| Subject Matter | Accounting & finance |
Asset Protection Trusts and Gibraltar's
Legislation
B.
J.
S.
Marrache
Benjamin
J.
S.
Marrache
was born in Gibraltar on 18th October,
1963,
and admitted in 1988 to the
Supreme Court of England and Wales
and Supreme Court of Gibraltar. He is on
the Council of Legal Education and is a
Commissioner for Oaths. He is co-author
of 'Asset Protection Trusts and
Gibraltar's Legislation' and 'International
Banking Secrecy', Sweet and Maxwell.
He is the author of 'Law Digest on
Gibraltar', Martindale-Hubbell Directory
and a contributor to the New England
Journal. He is also a member of the
International Tax Planning Association
and of the Honourable Society of the
Inner Temple. His practice areas are
company and commercial, banking, trust,
tax and funds.
ABSTRACT
'Asset Protection' can be defined as the
process of organising one's assets and
affairs in advance, so as to best guard them
in the future against future financial loss.
'Asset Protection Trusts' and its acronym
'APT' are of recent coinage, and refer to a
form of highly focused and pro-active trust
planning that is designed to place specific
assets beyond the reach of potential future
creditors. This type of planning became
popular during the 1980s, largely in
response to the problems certain groups of
'high risk' professionals experienced in the
United States in obtaining affordable pro-
fessional liability/malpractice cover.
Gibraltar has passed legislation by way of
amendments to its Bankruptcy Ordinance
on 8th March, 1990. The legislation aims
specifically at transfers into trusts made by
non-resident individual settlors, and pro-
vides for a system of confidential registra-
tion with the Gibraltar authorities.
Even before the full opening of the
frontier with the mainland of Spain in
1985,
great interest in Gibraltar as a
banking, off-shore and financial centre
was shown by major banking institu-
tions and private investors alike. Ever
since 1967, with the arrival of the Com-
panies (Taxation and Concessions) Ordi-
115
To continue reading
Request your trial