The raid on Cyprus’ depositors in March 2013 precipitated our trustee service to the public.
Historical capital levies of the world
There are recorded capital levies by the ancient Greeks ranging from 1% to 4%.
There is no recorded (read “legal”) capital levy before Word War I.
|Date||Country||Type of asset||Rate|
|1919||Germany||Real estate||from 10% to 65%|
|1920||Italy||Real estate||from 4.50% to 50%|
|1920||Czechoslovakia||Real estate||from 3% to 40%|
|1921||Hungary||Real estate||from 5% to 20%|
|1946||Japan||Real estate||from 10% to 90%|
|1990||Brazil||Financial (bank deposits)||100% from US$1,250|
|1992||Italy||Financial (bank deposits)||0.6%|
|2001||Argentina||Financial (deposits in foreign currencies)||100%|
|2009||Ireland||Financial (funded public pension fund)||25%|
|2010||Ireland||Financial (funded public pension fund)||12%|
|2010||Hungary||Financial (private pensions)||100% (nationalization)1|
|2013||Cyprus||Financial (bank deposits)||100% over 100,000 EUR, affecting 2 banks|
Overview of legal bank guarantees
|Entity||Deposit guarantee||Foreign currency covered|
|EU2||100,000 EUR (or equivalent for non-Eurozone countries)||No|
|Isle of Man||100% of the first £30,000, 90% of the next £20,000 with a MAXIMUM Compensation of £48,000.3||Yes|
|Channel Islands (Jersey and Guernsey)||£50,000 per person, per banking groups4||Yes|
|Palau||US$250,000 (from FDIC USA)||No|
|Micronesia||US$250,000 (from FDIC USA)||No|
|Marshall Islands||US$250,000 (from FDIC USA)||No|
|Hong Kong||HKD 500,000||Yes|
Trend of public confidence in the US
Our solution: a trust
Although the legal bank guarantees provide some kind of safety net, they are unfunded in case of a systemic crisis6.
The trust is a wonderful invention that gives a legal structure for:
- fast set-up: usually in 2 business days
- flexibility: you can make up any possible rules of management, settlement, investment, events, etc…
The choice of the jurisdiction will be done by the Trustee(s) which we provide.
See the Fees page.
Type of trusts offered
We do NOT offer land or real estate trusts. However the land can be held by a company whose shares will be held by the trust.
All of our trusts can be revocable or irrevocable.
Period of the trust: from 2 years minimum to perpetuity.
- Beneficiary trust
- Purpose trust, such as:
- The erection and maintenance of tombs and monuments
Type of investments covered
- Any major currencies (no cash)
- Irish bonds
- Gold (physical or not)
- Unit trusts/Mutual funds
- Shares of companies
- Digital assets (domain names, websites, etc)
Extra feature at no cost
We can create a trust funded by Paypal accounts without the Paypal transfer fees, but this is only available for US dollar denominated funding.
Contact us to discuss your trust requirements.
- Including Gibraltar, and all French Overseas possessions
- Including Overseas possessions: American Samoa, US Virgin Islands, Mariana Islands (Guam, Saipan)
- see Iceland, 2008