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Traditional and Modern Trust Planning
Cook Islands unique modifications to traditional trust laws provide a high degree of flexibility in trust planning. In addition to the protective aspects, there are numerous provisions that enable a Cook Islands trust to be administered without requiring the settlor to give up all control over the trust assets.
Other areas that might benefit a client include repeal of perpetuities law (allowing dynasty trusts) and the negation of the principle in Saunders v Vautier.
A client may form a separate offshore company (a private trustee company) for the special purpose of acting as trustee of his or her trust or trusts. A private trustee company can provide savings, control, and privacy for clients who prefer not to place their assets with a licenced trustee company owned by a financial institution.
There are many situations where it may be advisable for a client to form a private trustee company. The client may be interested in the additional privacy that such a structure provides, the planned investment activity may expose the licenced trustee to potential liability, or it may require on the spot decision making which is not practical with a licenced trustee in another time zone.
The Cook Islands has special provisions ensuring that private trustee companies are easy to establish and operate, as well as being effective. We have a detailed article on the Cook Islands private trustee company structure.
Independent Trust Protector Services
The role of the protector in an offshore trust structure is vital. The protector looks out for the interests of the beneficiaries and the settlor, and ensures that the trustee acts responsibly and within the terms of the trust agreement. With significant expertise and experience in the proper administration of trusts, CIT is the ideal choice as an independent protector of offshore trusts established in other jurisdictions.
Ship and Yacht registration
Maritime Cook Islands Limited is the corporate administrator of the Cook Islands vessel Registry. The Registry caters to the needs of vessel owners by creating a flexible, user-friendly and responsive environment that upholds the highest standards of safety and accountability. It caters to a wide variety of shipping, from private yachts to fishing vessels, sailing upon all of the seven seas.
CIT can assist with all aspects of the vessel registration process, and of course can incorporate the international company to hold ownership of the vessel being registered.
For detailed information on the Cook Islands Registry, you can visit the Maritime Cook Islands Limited's website at www.maritimecookislands.com.