A Barbados Domestic Trust requires that the Trustee be a Barbadian Resident individual or Company. Other characteristics of a Domestic Trust include:
- The Trust deed does not specify that the Trust is to be an International Trust.
- The Trust pays tax on Trust income not distributed to Beneficiaries in the calendar year in which it is earned.
- Capital Gains are not subject to tax.
- Trusts have no filing requirements.
Your Professional Advisor will be able to elaborate more on this structure.
Please contact a private banker regarding an Domestic Trust (Barbados).