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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.
Table of Contents
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. The Role and Powers of the Offshore Protector 5. Questions of Legitimacy and the Offshore Trust 6. Acceptance of the Offshore Trust PART II - CHALLENGES TO THE OFFSHORE TRUST AND COMMON PITFALLS TO AVOID 7. Disclosure and Confidentiality Obligations 8. The Offshore Trust as a Sham 9. The Law on Fraudulent Conveyances and the Offshore Trust 10. Duties of Trustees in Managing Offshore Trusts 11. Liability of Third Parties to the Trust 12. Liability of Directors of Offshore Corporate Trustees PART III - THE OFFSHORE TAX FUNCTION 13. Responses to the Tax Function of Offshore Trusts 14. Overview of Statutory Tax Countermeasures against Offshore Trusts 15. Judicial Engineering of the Tax Function of Offshore Trusts 16. Bilateral Routes to the Tax Function and the Question of Sovereignty 17. Duties of Offshore Trustees in Relation to Tax PART IV - THE CONFLICT OF LAWS AND THE OFFSHORE TRUST 18. Transplanting the Common Law Trust - Conflict of Laws and the Acceptance of the Offshore Trust 19. Jurisdiction over the Offshore Trust 20. The Proper Law of the Offshore Trust 21. Recognition of the Offshore Trust in Civil Law Countries 22. Rights to Succession - Forced Heirs and the Offshore Trust 23. Capacity to Create the Offshore Trust and Initial Transfers of Assets 24. The Non-Enforcement of Foreign Judgments under Offshore Trust Law