Petróleo e Gás

Letra T


Terminologia Offshore Comercial

Tax haven. An international banking and financial centre providing privacy and tax benefits.

Tax regimen. The local tax treatment of income tax, foreign source income, nonresident treatment and special tax concessions which, when combined, form complex issues.

TCI. Turks and Caicos Islands.

Tranch. A bond series issued for sale in a foreign country.

Transmogrifying. Conversion of nonexempt assets to exempt assets.

True Settlor. The true grantor is not the true settlor, and his or her identity is kept quite private by the trustee. See grantor trust.

Trust. An entity created for the purpose of protecting and conserving assets for the benefit of a third party, the beneficiary. A contract affecting three parties, the settlor, the trustee and the beneficiary. A trust protector is optional but recommended, as well. In the trust, the settlor transfers asset ownership to the trustee on behalf of the beneficiaries.

Trust Deed. An asset protection trust document or instrument.

Trust Indenture. A trust instrument such as a trust deed creating an offshore trust.

Trust Protector. A person appointed by the settlor to oversee the trust on behalf of the beneficiaries. In many jurisdictions, local trust laws define the concept of the trust protector. Has veto power over the trustee with respect to discretionary matters but no say with respect to issues unequivocally covered in the trust deed. Trust decisions are the trustee’s alone. Has the power to remove the trustee and appoint trustees. Consults with the settlor, but the final decisions must be the protector’s.

Trustee. A person totally independent of the settlor who has the fiduciary responsibility to the beneficiaries to manage the assets of the trust as a reasonable prudent business person would do in the same circumstances. Shall defer to the trust protector when required in the best interest of the trust. The trustee reporting requirements shall be defined at the onset and should include how often, to whom, how to respond to instructions or inquiries, global investment strategies, fees (flat and/or percentage of the valuation of the trust estate), anticipated future increases in fees, hourly rates for consulting services, seminars and client educational materials, etc. The trustee may have full discretionary powers of distributions to beneficiaries.