Exempted trust
A Cayman trust registered with the Registrar of Trusts, for beneficiaries who are not resident or domiciled in the Islands. It is not a legal person, so the trustees act for it.
- Entiva fee to form
- $9,509
- Government fees to form
- CI$500
- Run plan
- $219 a month
- Steps to form
- 5
- Ongoing filings
- 3
- Ways to close
- 1
Who it suits, and what defines it.
Governed by the Trusts Act (2021 Revision), Part 6.
Who it suits
- Offshore family trusts and unit trusts.
- Trusts that want an optional tax undertaking lasting up to 50 years.
Key facts
- Legal status
- Not a legal person; trustees act for it
- Beneficiaries
- Not resident or domiciled in the Islands
- Registration fee
- CI$500
- Annual fee
- CI$500 each March
- Registry file
- Confidential, open to authorised persons
- Tax undertaking
- Optional, for up to 50 years
- Stamp duty
- CI$40 on a declaration; CI$50 on other deeds
- Statute
- Trusts Act (2021 Revision), Part 6
What the law requires.
5 rules, each in plain words.
The trust instrument lodged with the Registrar of Trusts
Trustees lodge the instrument and a copy, and a draft can be pre-approved before execution (s.82).
Beneficiaries who are not resident or domiciled in the Islands
Charitable objects are the exception, and the Registrar may ask beneficiaries for declarations.
A licensed trustee if acting by way of business
It needs a trust licence from the Cayman Islands Monetary Authority (CIMA) or private trust company registration; a STAR trust needs a Cayman-licensed trust company as trustee.
Stamp duty on the instrument
It is CI$40 on a declaration of trust and CI$50 on other deeds.
An annual fee each March
Trustees must also give the Registrar accounts, minutes and information on request.
How Entiva forms it.
5 steps. Entiva prepares and files each one, and collects every signature the law needs.
The steps
5 steps- 1Submit a draft trust for approvalOnly if needed
Optional, and the trust must be created within 28 days of approval.
- 2Register the exempted trust
Trustees lodge the instrument and a copy, with beneficiary declarations if asked; the fee is CI$500 and express same-day service adds CI$500.
- 3Apply for a tax exemption undertakingOnly if needed
Optional; the Financial Secretary can grant an undertaking of up to 50 years (s.81).
- 4Register as a non-profit organisation (NPO)Only if needed
Only for a charitable trust that solicits funds from the public.
- 5Obtain a US employer identification number (EIN)Only if needed
Optional, for US tax forms.
Documents
7- Trust instrument and a copy
- Trustees' application to register as an exempted trust
- CIMA trust licence or private trust company registration of each trustee
- Beneficiary declarations of non-residence, if the Registrar asks
- Settlor's source of funds and wealth
- Certificate of registration (s.75)
- Registrar's certified copy of the instrument (s.76(2))
Who takes part
4- The settlor (the person who creates the trust) is verified
- Every trustee is verified
- Beneficiaries are identified now and verified before any distribution
- Anyone who gives instructions or signs for the trust is verified
What has to be filed, and when.
Entiva tracks every deadline from the day it is formed, and files before each one.
Every year, and as things happen
3 filings- Pay the exempted trust annual fee
Every March, and the fee is CI$500
- File a non-profit organisation's annual return
Within 6 months of year end, extendable by 2 months, for registered NPOs
- File an NPO's independent review report
Within 9 months of year end, extendable by 3 months, where the threshold applies
The changes Entiva handles.
Each change is prepared, approved, signed and filed.
The most common changes
5 changes- Notify the NPO Registrar of changes
- Cancel or suspend the NPO registration
- Obtain a US employer identification number (EIN)
- Get an apostille for documents used in a Hague country
- Authenticate documents for use in a non-Hague country
How it closes.
One route, filed step by step.
Deregistration after final distribution
All trust property has been distributed or the trust has ended.
- 1
Pay arrears and the current annual fee
- 2
Cancel any NPO registration
- 3
Ask the Registrar to certify that no property remains
What Entiva does for you.
From the first filing to the last.
Exempted trust
- Submits a draft trust to the Registrar of Trusts for approval before signing.Formation
- Registers the trust by lodging the trustees' application and the instrument.Formation
- Pays the annual fee each March on the trustees' behalf, without being a trustee.Ongoing
- Asks the Registrar to certify that no property remains, and closes the registration.Closing
Build it with the API.
Every step on this page is an action in the Entiva API, with its documents, signatures and filing.
What it costs, item by item.
Every Entiva fee and every government fee, from forming it to closing it.
Forming it
$9,509one-off
- Government fees
- CI$500
Steps marked only if needed are not counted.
Closing it
Quoted before it starts
- Entiva fee
- Fixed, quoted first
- Government fees
- At cost
Included in the Run plan
- File a non-profit organisation's annual return
- File an NPO's independent review report
- Routine changes
- Every deadline tracked
Extra, at a fixed fee
- Apply for a tax exemption undertakingOnly if needed
- Register as a non-profit organisation (NPO)Only if needed
- Obtain a US employer identification number (EIN)Only if needed
- Get an apostille for documents used in a Hague country
- Authenticate documents for use in a non-Hague country
Each extra is quoted before it starts, and nothing is done until you approve it.
Forming it
Entiva's formation fee is $9,509, one-off. Government fees are passed through at cost.
Express same-day CI$500 extra.
Registration CI$500; express same-day CI$500 extra. Stamp duty CI$40 declaration of trust or CI$50 other deeds. Annual fee CI$500 each March.
Later filings: CI$25 per list or.
Excludes steps marked only if needed.
Every year
The Run plan costs $219 a month ($2,628 a year).
An extension request costs CI$25. Penalty if late: up to CI$3,000 plus up to CI$100 a day.
Late: up to CI$3,000 plus CI$100 a day.
Changes
Routine changes are included in the Run plan.
Closing it
Closing is a fixed-fee project, quoted before it starts.
Entiva fees are in US dollars. Government fees are in the currency each authority charges, passed through at cost when the filing is made. Taxes are separate.
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