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Gibraltar Trust Law
As with all major jurisdictions the rights of beneficiaries and the obligations of trustees are continually being developed, and leading cases are adopted into the practice of Gibraltar Trust Law.
Trust Law in Gibraltar has the following main sources:
- The Trustees Ordinance of 1895 as amended
- The Perpetuities and Accumulations Ordinance 1986
- The Trusts (Recognition) Ordinance 1989
- Bankruptcy Ordinance 1934
- Case Law.
Some of the main features of Gibraltar Trust Law include:
- no minimum number of trustees
- statutory power of advancement of 50% of the presumptive share of a beneficiary
- power to delegate to others for a period not exceeding 12 months
- power to appoint agents
- Trust Deed may specify the investment authorities of the trustees
- maximum trust duration of 100 years
- application of rules to ensure that trusts are not void because of vesting beyond the maximum duration
- maximum accumulation period of 100 years
- incorporation of the Hague Convention on the Recognition of Trusts
- provision for Registered Dispositions, effectively protecting trusts from the claims of future creditors.
