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The Trusts Act 2019 (‘Act’), which comes into force on 30 January 2021, applies to most existing and new trusts. Existing trusts have a transitional period until then. The Act makes trust law more transparent and accessible by clarifying existing law and providing better guidance for trustees and beneficiaries.

Laurence Black, Regional Director, Client Solutions, EMEA at Asiaciti Trust, told the audience at the Hubbis Middle East Wealth Management Forum how important it is to choose trustees and jurisdictions wisely.

The Cook Islands passed a suite of legislations on 17 December 2019 to comply with the European Union’s international tax good governance standards, thus avoiding being listed as a non-cooperative tax jurisdiction. Agreed in December 2017, the EU list is a common tool for member states to tackle risks of tax abuse and unfair tax competition.

Laurence is giving a presentation on “Selecting the Right Fiduciary and Jurisdiction – Benefits and Considerations” and is participating in a panel discussion on “The Opportunities for Family Offices, Multi-Family Offices and Their Services Providers in the UAE”.