How to set up a trust in St Vincent and the Grenadines

Before you start: what you decide

Before the first call, settle five points. Your lawyer will ask about each, and answers given early keep the work moving.

• Purpose. Succession, protection against future claims, or holding assets in one place.
• People. Who is settlor, who the beneficiaries are, and whether the deed creates a protector.
• Assets. What you plan to transfer, and whether a holding company sits under the trust.
• Control. How much say you keep over investments, and how much you leave to the trustee.
• Home position. Where you live and pay tax, since your lawyer and tax adviser at home must agree first.

There are aims a trust does not serve. The first review may show that a different route would work for you. You can request a quote before that first call.

Step by step: from enquiry to signed deed

Signing waits until your lawyer has reviewed the deed and the trustee has said it will act. Your own part at each stage is short.

For the enquiry and the checks, have passports, proof of address and evidence of funds ready. For design and drafting, bring your aims and your tax adviser’s view on the drafts.

For signing, plan on a notary where you live, and settle with your lawyer early whether any document must be signed in St Vincent itself.

The application step is made by the trustee, not by you.

An application to the authority is made through a trustee that the authority recognises in St Vincent and the Grenadines, as the Financial Services Authority page describes. Your lawyer confirms the exact term for your case.

For funding, line up the bank and any company papers the transfer needs, so assets can move once the trust exists.

Order counts. A trust funded too early, or before the bank has cleared the source of funds, can run into problems later.

You can gather papers for later stages while earlier ones run.

Documents the trustee asks for

The trustee asks for documents on every person and on the money. The list that follows is the common starting set, and more may be requested.

• A certified copy of each party’s passport or national identity card.
• Proof of address dated within the last three months.
• A short account of how you made your wealth, with supporting papers.
• Evidence of the source of the specific funds or assets you plan to transfer.
• Names, dates of birth and relationships of the beneficiaries.
• A list of the assets, with ownership papers for any company shares or property.
• A reference from your lawyer or bank, if the trustee requires one.

Papers in another language might need a certified translation. Check early with the trustee how much certification it will accept.

Identity and source-of-funds checks

Checks have to precede everything else, because the trustee cannot act without them. They also protect you: a trustee that skips them cannot be trusted with your assets.

Three questions recur. Who are you and who benefits? Where did the money originate? Why do you want this particular structure?

Direct answers with documents behind them are dealt with quickly. Gaps, rounded numbers with no evidence and untraceable loans cause delay.

What you send goes into a checklist with the missing items marked. One missing bank letter can hold up the steps that follow it, so we pursue it at once.

The same stage covers sanctions screening and politically exposed person checks. Every check is completed before anything is signed.

After the trust is set up

When the trust holds assets, the trustee administers it under the deed. That means accounts, meetings and a written record of each decision.

Trust assets are often held through a company the trust owns.

A yearly review is sensible, with another whenever your family or assets change. Marriage, the birth of a child or selling a business all count.

Keep your letter of wishes current. It guides the trustee without binding it, so refreshing it is the simplest way to make your intentions plain.

The law and features page explains the rules behind the steps. The cost breakdown shows the charges, and the St Vincent overview covers the rest.