Saffery Trust has launched a new offering in the Cayman Islands, one of the world’s leading offshore financial centres.
Saffery Trustee Company (Cayman) Limited (STCCL) will provide Cayman trust and corporate services as a registered controlled subsidiary of a licensed Cayman trust company.
Such services will be in conjunction with Saffery Trust fiduciary professionals in Geneva and Guernsey. The directors of STCCL will include Paul Tucknott, managing director of Saffery Trust in Geneva, and Lisa Vizia, director of Saffery Trust in Guernsey*.
These services include acting as a Cayman trustee, whilst providing some or all of the required administration locally, or via Saffery Trust offices in Geneva or Guernsey according to client requirements. In addition, clients will benefit from seamless access to company incorporation and registered office services for Cayman entities, as well as any required administration.
Nick Batiste, Managing Director of Saffery Trust, said:
“We have been carefully considering the needs of our international clients, who rely upon us for market-leading trust and corporate services and advice, as we continue to enhance our business and our services.
“The Cayman Islands is a key jurisdiction with a robust legislative framework – as was highlighted in our recent dealings with the Grand Court** on behalf of a trust under our stewardship. It is highly regarded by clients and advisers alike and will continue to be a location of choice for those with complex international needs.
“We have worked for many years with clients, intermediaries and complex structures based in Cayman and establishing this new offering was a natural step for our business to ensure we are able to meet the complex needs of our clients in multiple jurisdictions.”
STCCL was incorporated in October 2019 and received regulatory approval from the Cayman Islands Monetary Authority (CIMA) to undertake trust business in January 2020. STCCL was granted a corporate license to operate by CIMA in June 2020, enabling the full provision of services to clients by the business and its directors.
This new offering in the Cayman Islands follows the launch of Saffery’s Dubai office in 2018 (see here for more information), further enhancing the firm’s ability to provide a truly international service to its global clientele.
*Subject to Cayman Islands Monetary Authority (CIMA) approval
**AA v. BB & Colin Shaw (as amicus curiae) – Saffery Trust manages and administers a dynastic wealth structure established to manage certain assets and business affairs of the late patriarch of a Middle Eastern family (the Settlor). The Trustee made an application to the Grand Court of the Cayman Islands in accordance with the established Public Trustee vs. Cooper procedure concerning its decision to make distributions under Shari’a Law to the Settlor’s named heirs who formed part of a wider beneficial class of beneficiaries.
