Rich Indians a worried lot as foreign trustees act tough
A well-structured discretionary trust takes care of succession issues and lays down how funds would be distributed among beneficiaries if one dies.
Synopsis
Operating out of tax-free jurisdictions like Jersey, Guernsey, and Isle of Man, the trustee services firms are threatening to freeze the funds and stall the distribution of money because the names of these wealthy individuals, whose assets they manage, have appeared in social media, newspapers and magazines in connection with some tax or money laundering investigation.
Many rich Indians cooped at home due to the pandemic are worried about their money stashed abroad. Neither can they nor their lawyers and emissaries fly out to deal with the foreign trustees who are suddenly acting tough.
Operating out of tax-free jurisdictions like Jersey, Guernsey, and Isle of Man, the trustee services firms are threatening to freeze the funds and stall the distribution of money because the names of these wealthy individuals,
