Our speaker will address the resilience of Caribbean IFC’s, their ability to adapt and survive amidst the many global initiatives over the past two decades. Explore with him the multitude of ways in which Caribbean IFCs remain relevant and competitive in this era.
9:55 AM - 10:40 AM
BRINGING IT ALL TO AN END - CONSIDERATIONS RELEVANT TO THE TERMINATION OF TRUSTS
Powers of revocation, overriding powers of appointment and powers to transfer trust assets to the trustees of other trusts. These are just some of the methods which can be employed to terminate trusts and in this session our speaker will consider the considerations relevant to each.
We have seen sweeping changes in the way that private information must be protected while there are strict imperatives for disclosure of such information to public authorities . Are these initiatives contradictory? How can private information be protected under GDPR while complying with CRS/FACTA reporting?
Just make the application – what can possibly go wrong? In this session, our speaker will consider the often debated questions of when will it be appropriate for trustees and personal representatives to apply for directions and what are some of the issues that may await them if they do.
4:30 PM - 5:15 PM
US TAXATION ISSUES FOR TRUSTEES OF NON-US TRUSTS TO FLAG
At the very end of 2017, the U.S. underwent its most significant tax reform in 30 years. Many of the laws directly impact non-US trusts that file in the U.S. as well as their U.S. beneficiaries. Global Intangible Low-Taxed Income (GILTI), Foreign Derived Intangible Income (FDII), Qualified Business Income (QBI) and other American alphabet soup creates more U.S. tax exposure for foreign trusts and trustees than ever before. This session will focus on the most important changes foreign trusts and their trustees should be focusing on.
5:20 PM - 5:25 PM
7:00 PM - 11:00 PM
AN ENCHANTED EVENING AT ALBANY
Networking, Local Food, & Music
Sponsored by: The Ministry of Financial Services of The Bahamas
Join us for a very special evening under the stars at Albany, Bahamas for an evening of networking, local food, and music. Click HERE to learn more about the venue.
Our speakers will explore how the family office community has evolved post the financial crisis and in response to recent legislative, regulatory and other developments affecting the way in which wealthy families structure the administration of their affairs.
10:00 AM - 10:45 AM
SUCCESSION PLANNING – FROM BOOMER TO G2 WITH GEN X AND MILLENNIALS IN BETWEEN
To achieve a pragmatic approach to compliance, you need to balance an understanding of the business risk with regulatory adherence. Our Speaker takes us through what compliance factors are considered for risk mitigation, and which sources can be explored to meet policy and CDD requirements.
12:40 PM - 1:40 PM
Sponsored by: Nevis Investment Promotion Agency
1:40 PM - 2:25PM
CONFIDENTIALITY VS. THE IMPERATIVE OF COMPLIANCE - A CASE STUDY
Magnum Invest Trading Corp & Niteroi Limited v The AG of the Virgin Islands is the first case of its kind to successfully challenge the exercise of the attorney general's powers under the Criminal Justice (International Cooperation) Act. Paul Dennis QC will guide us through his clients’ successful challenge of the exercise of the intrusive powers granted to the Attorney General of the Virgin Islands as the competent authority to handle international requests for information made pursuant to the Criminal Justice (International Cooperation) Act and the right to privacy and confidentiality of information for BVI companies.
2:30 PM - 3:15 PM
ELIZABETH TAYLOR SYNDROME: PLANNING ADVICE FOR NON-TRADITIONAL FAMILIES
The issue of trust assets as marital property is explored by examining what happens to family trusts on divorce. Can a properly timed, carefully drawn trust serve as an effective shield in divorce property division? Are there choices for parents wanting to protect a child’s inheritance in the event of divorce?
4:05 PM - 5:05 PM
NETWORKING & REFRESHMENTS
Sponsored by: The Winterbotham Trust Company Limited
The session will discuss the value of IFIs in the intermediation of international finance for emerging and frontier markets and the new business opportunities and economic context for IFIs in Africa and Asia.
5:10 PM - 5:25 PM
5:25 PM - 7:00 PM
HAPPY HOUR & SPONSOR DRAW
Sponsored by: Higgs & Johnson
Join the STEP Committee for after work refreshments and the Sponsor draw before heading out to your networking dinners. 2020 Venue launch is anticipated.
Corporations and Family owned businesses face risks every day that pose a huge threat to their revenue. Our speakers Matthew Queen and Light Townsend will explore the uses of captives along with trusts to form a revenue generating powerhouse that is able to not only reduce risks but also produce favorable returns that can be stored away for future generations, while exploring how to navigate through the International tax issues associated with captives from a US perspective.
The role that directors of corporate trustees are required to fulfill is constantly evolving, placing greater expectations upon the performance of their duties and even further scrutiny on the proper exercise of their fiduciary powers. In this session, our speaker will discuss the fiduciary powers of directors of corporate trustees, the risks they should be considering and the pitfalls to watch out for.
Private trust companies are increasingly created by settlors who are keen to retain control, but sometimes proper consideration of the identity of their shareholders and directors is overlooked, and little consideration is given to critical succession issues which come to the fore when shareholders die. Our speaker will look at the advantages and disadvantages of each of the options relating to the identity of directors and shareholders of PTCs and what can happen when things go badly wrong.
We all come across them: the settlor who still thinks he or she is still in charge and barks orders at the trustee's staff. This obviously places the trustee in an invidious situation trying to balance its duties and risks against its commercial interests. What should the savvy trustee do when faced with this conundrum?
Cryptocurrencies as alternative currencies: join us to gain an understanding of the digital media of exchange and how they are used to buy goods and services in the same way as the traditional ‘fiat’ currency.
In this session our speaker will give delegates an overview of the various rules of English law which are designed to prevent trust property from being tied up indefinitely and how these rules can be circumvented to extend the relevant trust period, thereby meeting the requirements of settlors who would like to turn trusts which have already been created into dynastic trusts. These alternatives include making an application to the court, invoking the doctrine in Saunders v Vautier and resettling trust property. The pros and cons of each of these and other approaches will be looked at.
10:15 AM - 10:40 AM
NETWORKING & REFRESHMENTS
Meet the Sponsors
10:40 AM - 11:25 AM
BREAKOUT 8: HOW AI AND BLOCKCHAIN CAN BE USED TO IMPROVE THE COMPLIANCE FUNCTION
The road to the future of compliance is paved with good intentions, but very few options that offer as much benefits as AI. Our speaker, E.Jay Saunders will take you on a journey that will lead to the resolution of your compliance woes.
A lot has been said and written about non-charitable purpose trusts and there are many different statutory models facilitating their creation, but one of the problems that those involved with structuring purpose trusts often encounter is how to craft the ‘purposes’ of a purpose trust within the objects clause of a particular trust deed. There are clearly restrictions on what can be legally valid purpose, but where is the line to be drawn? Our speaker will consider this issue and also provide attendees with some helpful drafting tips.
10:40 AM - 11:25 AM
BREAKOUT 10: BLOCKCHAIN AS A GAME CHANGER FOR THE TRUST INDUSTRY
The wealth structuring industry in general, and the trust management industry in particular, have witnessed major changes from a regulatory standpoint during the past few years. However, there has never been a technological revolution affecting it since the irruption of the internet. We will see this changing dramatically with the adoption of Blockchain technology by banks and other industries in the financial industry. During this presentation we will discuss how Blockchain can transform the trust industry and will also refer to LegTech and WealthTech.
This session will explore current trends in estate planning and several traps to be aware of when preparing a will, with a focus on evolving topics such as trustee indemnity provisions, gifts of cryptocurrency and digital assets, real property provisions, treatment of same sex marriage/ civil partnerships and default beneficiary clauses. The session will consider real life examples and learn what not to do from wills ‘gone bad’.
DORAs, deeds of appointment, deeds of amendment, deeds changing the proper law – the list goes on and on. In this session, our expert will take delegates through some critical drafting issues and potential pitfalls which arise when preparing these documents and other issues to look out for when preparing deeds and documents pursuant to the terms of an existing trust.
11:30 AM - 12:15 PM
BREAKOUT 14: SEEING THROUGH THE "WEEDS" - CANNABIS - A CROSS-BORDER PERSPECTIVE
Recently, we have seen the legalization of cannabis in some countries has the potential to make significant impact on their economies. Rob Madden will clear the air by discussing the cross border implications for financial institutions which provide banking, investment and private wealth management services.
The 2019 STEP Caribbean Conference is presented by