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Private Client law in the Cayman Islands focuses on the legal needs of individuals and families, especially high-net-worth individuals, fiduciaries, and family offices. This practice area encompasses succession planning, trusts, estate administration, probate, tax planning, and asset protection. The Cayman Islands has established itself as a leading offshore jurisdiction, offering a stable political environment, robust legal system based on English common law, and flexible trust structures. These features attract clients worldwide seeking to manage and protect their wealth while ensuring efficient and compliant succession processes.
There are many situations where seeking legal assistance in Private Client matters is essential. These include:
Legal advice can help avoid costly mistakes, ensure tax efficiency, and provide peace of mind that your assets are managed and passed on according to your wishes.
Several key aspects of Cayman Islands law are particularly relevant to Private Client matters:
A Cayman trust is a legal arrangement where a trustee holds and administers assets for the benefit of beneficiaries or a stated purpose. Anyone over 18 years old with legal capacity can set up a Cayman trust, whether resident in the Islands or overseas.
No, you do not need to be resident in the Cayman Islands. Many clients are based overseas and use Cayman structures for asset protection, estate planning, or privacy reasons.
Trusts established and administered correctly offer significant protection against creditors, subject to certain exceptions such as fraudulent transfers. It is important to obtain legal advice when establishing a trust to ensure proper structuring.
The Cayman Islands does not levy inheritance, estate, or gift tax. However, beneficiaries may be subject to taxes in other countries depending on their tax residence.
Probate is a court process that grants the executor or administrator authority to manage and distribute the deceased’s Cayman assets. The process involves submitting the will (if any) and relevant documentation to the Grand Court of the Cayman Islands.
Yes, provided the foreign will follows the legal requirements of its jurisdiction or usual residence of the deceased, Cayman courts generally recognize and grant probate over Cayman assets.
A STAR trust is a unique Cayman trust that can benefit people, charities, or purposes. It separates the right to enforce the trust from the right to benefit, often used for complex family or commercial arrangements.
Professional trustee companies are common in the Cayman Islands due to the need for experience, independence, and regulatory compliance. Some family members or friends may act, but professional oversight is often recommended.
The person is said to die intestate. The Succession Law sets out who inherits their Cayman assets and how these are distributed. An administrator must apply to the court for authority to act.
Cayman trusts and companies offer privacy as there are no public registries of trust beneficiaries. However, Cayman follows international transparency and anti-money laundering standards requiring certain disclosures to regulators.
The following resources and organizations can assist individuals seeking information or professional help with Private Client matters in the Cayman Islands:
If you require legal assistance with any Private Client matter in the Cayman Islands, consider the following steps:
Seeking early legal advice ensures your affairs are managed efficiently, your interests and those of your family are protected, and complex legal issues are addressed professionally.
