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Turks and Caicos Trusts

TCI’s trust law is based on Jersey legislation but incorporates provisions from other jurisdictions and several original refinements. It is not intended as an exhaustive code and English principles and applicable case law continue to apply insofar as they are not over-ridden or varied by the statutory provisions.

The validity of a TCI trust, the interpretation of its terms and administration of the trust property are each regarded as severable aspects. The Rule Against Perpetuities does not apply to a TCI trust, the duration of which may be specified in the trust instrument.

The deed creating a trust is a private document and doesn’t need to be registered in TCI - unless the trust property includes land within the Islands. A trustee is not required to disclose any document showing how his or its powers or discretions have been exercised unless required by the terms of the trust or by an order of the court, nor to disclose to any person other than a beneficiary any document relating to or forming part of the trust accounts.

Any individual or company may act as a trustee, however if the trustee of a TCI trust is a company and entitled to be remunerated for its services, it will likely need to be licensed under appropriate TCI legislation.

A beneficiary of TCI trust may be an individual or company, whether or not in existence at the time of creation of the trust. A settlor or a trustee may also be a beneficiary.

It is possible to change the status of a TCI trust to that of a foreign trust and vice versa, provided that the trust instrument makes provision for changing the law governing the validity of the trust. Similarly, it is possible to change the law applicable to the administration of the trust or the interpretation of its terms.

Trustees must keep accurate accounts and record of their trusteeship but unless the trust instrument provides otherwise, there is no requirement for those accounts to be audited.