Setting up a Trust in the Czech Republic
JUDr. Jakub Vozáb, PhD. 13.01.2016
WHAT Trust Fund (TRUST)?
1.1.2014 enables new Civil Code to establish the so-called. Trust Fund (trusts). The Trust Fund is creating a spin-off of assets owned by the founder so that the Fund administrators entrust assets to a specific purpose and fund manager undertakes to keep the property and manage. Creation of a trust created separate and independent dedicated owned property, which is not linked to any person. Ownership of the assets in the Trust Fund carries its own name on behalf of the fund manager. Assets Trust Fund but it is not the property manager or property of the founder, or property of the person to be filled from a trust (beneficiary).
HOW TO after the establishment of the Trust Fund?
The Trust Fund is usually loaded and not the actual assets (real estate, cash, etc.), But the proportion of companies with limited liability, the shares or other securities, and only when the company entered into a trust actually acquires the property and manage it, carry on a business activities etc. The client designates a person a trustee and beneficiary (the person entitled to draw benefits from the fund), thereby separating the assets of these persons and to its anonymisation and elusiveness execution. Profit company submitted to the Fund's income trust fund and fund manager with him and then manage it if subsequently paid to beneficiaries.