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Private trust company structures are often appropriate for Middle Eastern families looking for long-term structures to hold their wealth, due to their inherent flexibility and, in particular, the ability to build in adherence to Shari’a law principles and for the client/settlor to retain control at both the trust and trustee level. These structures are also popular amongst Middle Eastern families as they can be used to formalise and ensure that family governance arrangements are respected in practice, and so play a significant role in helping to preserve the family wealth over the long-term.
This article sets out some of the key considerations that are relevant to the creation of successful private trust company structures, particularly in the case of Middle Eastern families. The other well rehearsed arguments in favour of private trust companies are as relevant to Middle Eastern clients as to other clients seeking to make provision as to how and when their wealth should pass on to the next generation(s), to prevent the break-up of a family owned business and to preserve confidentiality.
Although not particular to Middle Eastern families, private trust companies are often appropriate where the family wealth is tied up in an intricate web of family owned businesses, or comprises a controlling interest in a listed company or other complex commercial investments and also includes assets such as aircraft or yachts, which are considered higher risk by institutional trustees.
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Private Trust Companies – Oases For Wealth Planning