Operaciones de mantenimiento de las máquinas y equipos que componen el parque de pesca

The financial success of any trust depends in large part upon the

competence of the trustee chosen. This may be particularly true in the case of foreign trusts because of the general desire to direct trust investments towards growth at the expense of current income and because of the risk that injudicious actions of a trustee could cause the trust to become a U.S. trust. Obviously consideration should be given to the age and general reputation of the institution in the financial and legal communities, the amount of assets the institution has under management and the institution's historic performance. Coutts &

Company, the world=s oldest trust company, Queen Elizabeth=s trust company, was founded in the 1780's. Southpac Trust Company in the Cook Islands has not been around quite that long. Caribbean and other offshore law firms often have their own trust companies and most typically those “captive” trust

companies will use outside investment managers. A listing of selected trust companies and trust counsel in seven jurisdictions with asset protection trust statutes is found in Part II of this Outline. Sometimes a large institution, such as Swiss-based HSBC, or France-based SG Hambros, which recently bought 10% of Rockefeller Trust Company in New York City, or Swiss-based EFG Bank, will

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have small outposts in jurisdictions known for favorable law regarding asset protection trusts, such as The Cook Islands. The sophistication of the home office may reassure potential customers anxious about the meager local presence.

G. Changing Situs, Governing Law, Institutional Trustee, Force Majeure Clause.

For various reasons, it may become desirable or necessary to change the situs and/or governing law and/or Trustee of a foreign trust -- e.g., to avoid deteriorating political stability or unfavorable legal developments -- by moving it to another country or repatriating it to the U.S. Therefore it is important to avoid being locked into any jurisdiction or governing law (or any trustee for that matter). The possible need for a future change of situs raises a number of tax and non- tax issues that should be considered in drafting the trust instrument and before making any such change. It has been previously noted that civil, economic and political stability should be considered in selecting the initial situs for a foreign trust. However, there is always the possibility that problems may arise in the future that would make the host country an undesirable situs for the trust. This possibility makes it important that the trust be able to alter its situs when

necessary. Absent such a provision, known as a force majeure clause when it applies to dramatic unforeseen events such as political revolution or a

devastating hurricane wiping out the banking infrastructure, the beneficiaries and trustee would always face the latent threat of unexpected developments such as an attempt to seize trust investments in the wake of civil disturbances.

Beware of the effect of an automatic flight clause under the U.S. tax rules, especially as they apply to non-grantor offshore trusts. Care should be taken to ensure maximum flexibility in the change of jurisdiction/change of trustee clause because of the potentially adverse income tax consequences in the event of an injudicious change in the situs of a foreign trust. The trust instrument should expressly permit a change to another offshore situs for the trust either by the trustee, with or without requiring the trustee's resignation, or by a "trust protector" named in the instrument. The instrument should also permit the trust's situs to be shifted to the U.S., but only if the trustee finds compelling reasons for such a change. The trust instrument might enumerate the factors that should be

considered in determining whether to change the situs of the trust.

A trust's transfer to the U.S. may give rise to significant U.S. income, estate and gift tax consequences. Again this issue particularly applies to non- grantor offshore trusts. Generally the tax consequences of repatriation of a foreign trust depend on the form of domestication and how the I.R.S. or the courts view the transaction.

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There are three methods for relocating a foreign trust. (1) The trust can be liquidated, its assets distributed to the

beneficiaries, and a new trust established in another jurisdiction. (2) The trust may establish a subsidiary entity in another

jurisdiction and transfer all or some portion of its assets to the subsidiary. This is sometimes accomplished by granting the transferee entity a protective option to acquire the assets of the foreign trust under certain circumstances.

(3) Another trustee may be appointed for the trust in a different

country and the administration of the trust shifted to that new country with a wire transfer of title to securities.

Normally the Trust Protector in an asset protection trust is given the authority to –

• change trustees • change jurisdictions

• change governing law.

H. Consider the Impact of OECD, FATF, FSC on Choice of Jurisdiction.