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Trust services in the Netherlands

Trust services in the Netherlands

The trust services in the Netherlands are regulated by the Civil Code and represent legal operations whereby one or more settlors transfer real rights, rights instruments , securities or other property rights or assembly of such rights, present or future, to one or more trustees. This action is performed with a specific purpose in the benefit of one or more beneficiaries. Trust services in Netherlands are expressly established by law or contract in authentic form. At termination, the asset mass is transfer to the beneficiary or, failing that, to the settlor. Any trust services contract is null and void if it is achieved through indirect liberality in favor of the beneficiary.

The parties involved in the contract for trust services in Netherlands are the settlor, who can be any person or entity, the trustee, that can only be represented by credit institutions, investment companies and investment management companies, investment services, insurance and reinsurance, public notaries, lawyers. The beneficiary of the trust services may be the settlor, trustee or a third person.

The trust services in Netherlands can be appointed only on the basis of a trust contract. This document shall include: real rights, rights instruments, securities and any other property rights transferred, the transfer period (which can not be more than a time provided by the law), identity of the parties involved, the purpose of the trust services and the scope of the powers of administration and provision of trustee, the conditions under which the trustee responds in front of the settlor, the intervals at which the trustee reponds in front of the beneficiary and representative settlor.

Since March 2004 have been created trust offices via the Trust Offices Supervision Act (ASTO) and the transfer decision under the supervision of the Dutch Central Bank. ASTO has been created to promote the integrity of the financial system. The supervision of trust offices therefore sees mainly on the integrity of the trust company and its clients.

In addition to the Supervision of Trust Offices Act, trust offices are also bound by the Act on Prevention of Money Laundering and Financing of Terrorism (Wwft) and Sanctions Act 1977. These two laws ensure that trust companies do business in the context of integrity.

The trust services in Netherlands usually contains certain actions that can also be provided by our Dutch specialists, for example acting as director or shareholder of a corporation or partnership, incorporation and registration procedures for corporate entities and any other entities in various jurisdictions, giving advice in private law or assistance, except for the provision of reception work, providing tax payments or tax returns and related activities, perform work in connection with the preparation, review or verifying the accounts or the keeping of accounts, recruiting a director of a corporation or partnership, other additional activities that can be included in general administrative tasks.

Contact us for professional advice and assistance for trust services in Netherlands.