Garfield-Bennett Trust Company Limited is based on the Island of Jersey, the largest of the Channel Islands.
The Island is situated in the English Channel some 120km south of the English Coast and 65km north of the French town of St Malo. It is the most southerly of the British Channel islands.
The Island has remained under the English Crown for more than 800 years whilst at the same time maintaining the right of self government in all domestic matters including fiscal provisions.
Jersey’s finance industry has been developed over more than fifty years and the Island boasts offices of many of the worlds leading Banks and Accountants, as well as having an infrastructure of widely experienced legal practices and trust company businesses.
Communications with the United Kingdom and the continent of Europe are excellent and the Island has a well developed telecommunications industry which enables businesses easily to keep in touch with the rest of the world.
A Trust arises when an individual (the Settlor) transfers cash or assets (the Trust Fund) to other individuals or a corporation (the Trustees) on the understanding (the Trust expressed in writing by way of Trust Deed) that the Trustees will invest, administer and distribute the income and capital of the Trust Fund for the benefit of specified parties, or a class of persons (the Beneficiaries); the Settlor and spouse are often members of the class of Beneficiaries. The Trustee is usually a Corporate Trustee to ensure continuity.
Trusts have been used in English influenced jurisdictions for many hundreds of years. Their origin is believed to lie in attempts to avoid legal restrictions imposed by Common Law. This was achieved by the legal ownership of an asset being vested in an individual, who undertook orally or in writing to use the asset for the benefit of persons other than himself. The same principle exists today although its uses have developed far beyond those for which it was originally created.
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