Enacted in 2006, The Bahamas' Private Trust Company legislation offers high net worth clients an effective and flexible solution to manage individual or family assets and financial affairs.
A Private Trust Company ("PTC") has become increasingly popular as a means by which clients can settle their global assets into trust and enjoy the resulting benefits, whilst retaining a large measure of influence over their subsequent management and administration.
The benefits of a trust structure generally include tax efficiency, succession planning, streamlined administration and asset protection, all of which may be achieved in a PTC arrangement. However, whereas in a conventional trust arrangement a sole
institutional trustee would normally be appointed to administer the trust, when using a PTC, the trustee function is discharged by the Board of the PTC.
A PTC is a company incorporated to act as trustee of one or more trusts, not necessarily domicilled in the same jurisdiction, for the benefit of the same family or of persons who are otherwise connected. Like any company, it is run by a Board of Directors who, in the case of a PTC, make the trustee decisions. It is not permitted to offer its services to the general public.