Publications

Briefing - Tax Group (Foreign Trusts), Autumn 2009

• Ireland can be a suitable location for trusts established by foreign settlors for the benefit of foreign beneficiaries. Irish trust law closely resembles English trust law, with which many practitioners are familiar. It is more common law based however as the main governing Irish statute is the Trustee Act 1893. Ireland does not currently have a statute permitting the variation of trusts, so it is important that trust deeds be carefully drafted to permit amendment and flexibility. As a result of legislation that will become operative on 1 December 2009, the rule against perpetuities will be abolished in respect of Irish trusts, so there will be no limit on their duration.
  Irish tax rules for trusts established by foreign settlors, referred to in this note as “foreign trusts,” are very favourable notwithstanding that all the trustees are Irish resident.
  
• 27.10.2009