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Turks and Caicos: Offshore Trusts Guide

The Voidable Dispositions Ordinance

In the absence of a term to the contrary Turks and Caicos Islands law provides that the law of any other jurisdiction with which the trust or any disposition made thereunder may otherwise be connected is to be excluded. The courts of the Turks and Caicos Islands consider they have jurisdiction over a trust in any one of the following circumstances: where the trustees reside on the Islands, where the trust property is situate on the Islands, where the trusts are administered from the Islands, and where the trust was set up under Turks and Caicos Islands law.

A "disposition" is the transfer of assets into a trust by a settlor. Creditors who have a claim against a settlor may wish to set aside the "disposition" and use the proceeds realised to satisfy their claim.

The provisions of the Voidable Dispositions Ordinance 1998 sharply circumscribe the circumstances in which a "disposition" can be set aside by a creditor, and so make the Turks and Caicos Islands that much more attractive a jurisdiction into which to settle a trust.

 

To Read more, please visit the Offshore Trusts Guide website

 

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