المسرد

تعريفات المصطلحات الأساسية المتعلقة بالصناديق الائتمانية والحوكمة والامتثال وإدارة الصناديق في سويسرا.

A

AML (Anti-Money Laundering)

Anti-Money Laundering (AML) refers to the set of laws, regulations and procedures designed to prevent the generation of income through illegal activities. Swiss trustees must comply with strict AML requirements including customer identification, due diligence and suspicious activity reporting.

Asset Protection

Asset protection refers to strategies used to shield assets from potential claims, creditors or legal proceedings. Irrevocable trusts, when properly structured, can provide a degree of asset protection by separating legal ownership from beneficial ownership.

B

Beneficial Ownership

Beneficial ownership refers to the natural person(s) who ultimately own or control an entity or trust, or on whose behalf a transaction is conducted. Identifying beneficial owners is a key requirement of AML compliance for trustees.

Beneficiary

A beneficiary is a person or entity designated to receive benefits from a trust, such as income, capital distributions or the use of trust assets. Beneficiaries can be named individuals, classes of persons, or even charitable purposes. Their rights depend on the type of trust (discretionary or fixed).

C

Change of Trustee

A change of trustee is the process of replacing the existing trustee with a new one. This involves legal documentation, asset transfers, bank notifications and regulatory compliance. The process is governed by the trust deed and the applicable law.

Compliance Calendar

A compliance calendar is a structured schedule of all regulatory deadlines, reporting requirements and governance activities that a trustee must complete. It typically includes CRS/FATCA filing dates, audit deadlines, board meetings and regulatory submissions.

CRS (Common Reporting Standard)

The Common Reporting Standard (CRS) is an OECD framework for the automatic exchange of financial account information between jurisdictions. Trustees in Switzerland must comply with CRS obligations by reporting relevant information about trust accounts.

D

Discretionary Trust

A discretionary trust is a type of trust in which the trustee has the power to decide how much, when and to whom distributions are made among a class of beneficiaries. This flexibility allows the trustee to respond to changing circumstances and needs of the beneficiaries.

Distribution Policy

A distribution policy sets out the framework and criteria that a trustee uses when making distributions from the trust to beneficiaries. It may define the purposes, timing, amounts and conditions under which distributions can be made.

F

FATCA

The Foreign Account Tax Compliance Act (FATCA) is a US federal law that requires foreign financial institutions (including trustees) to report information about accounts held by US persons to the US Internal Revenue Service (IRS).

Fiduciary Duty

A fiduciary duty is the highest standard of care in law. A trustee owes a fiduciary duty to the beneficiaries, meaning they must act in the beneficiaries' best interests, avoid conflicts of interest, act impartially and exercise reasonable care and skill.

Fixed Trust

A fixed trust is a trust in which the beneficiaries have predetermined, fixed entitlements to the trust property or income. The trustee has no discretion regarding the distribution and must follow the exact terms set out in the trust deed.

G

Governing Law

The governing law of a trust is the legal system that determines the validity, interpretation and administration of the trust. Common governing laws for trusts administered from Switzerland include Jersey, Guernsey, Cayman Islands and New Zealand law.

I

Irrevocable Trust

An irrevocable trust is a trust that generally cannot be amended or revoked by the settlor once established. This provides stronger asset protection and may offer tax advantages, but removes the settlor's direct control over the assets.

K

KYC (Know Your Customer)

Know Your Customer (KYC) refers to the process of verifying the identity and assessing the risk profile of clients. For trustees, KYC involves identifying the settlor, beneficiaries and other relevant parties, verifying the source of funds and understanding the purpose of the trust.

L

Letter of Wishes

A letter of wishes is a non-binding document in which the settlor expresses their wishes regarding the administration and distribution of trust assets. While not legally binding, it provides important guidance to the trustee about the settlor's intentions.

P

Private Trust Company (PTC)

A Private Trust Company is a company established specifically to act as trustee of one or more family trusts. PTCs allow families to have greater involvement in governance while maintaining a structured fiduciary framework.

Protector

A protector is an independent person or entity appointed under the trust deed with specific reserved powers. These may include approving distributions, changing the trustee, adding or removing beneficiaries, or consenting to certain administrative decisions. The protector provides an additional governance layer.

R

Reserved Powers

Reserved powers are specific powers retained by the settlor or granted to a third party (such as a protector) under the trust deed. These may include powers to appoint or remove trustees, approve investments, or consent to distributions.

Revocable Trust

A revocable trust is a trust that can be amended or terminated by the settlor during their lifetime. While offering flexibility, revocable trusts typically provide less asset protection than irrevocable trusts.

S

Settlor

The settlor is the person who creates a trust by transferring assets to a trustee. The settlor defines the terms of the trust deed, including the beneficiaries, the distribution framework and any governance provisions. Once a trust is irrevocable, the settlor generally relinquishes control over the assets.

Succession Planning

Succession planning is the process of arranging the transfer of wealth and assets to the next generation in an orderly and tax-efficient manner. Trusts are commonly used as a vehicle for succession planning, providing structure, continuity and governance.

T

Trust Administration

Trust administration refers to the ongoing management and oversight of a trust by the trustee. It includes record-keeping, compliance monitoring, investment oversight, beneficiary communications, reporting and governance activities.

Trust Deed

The trust deed is the legal document that creates the trust and sets out its terms. It typically defines the trustee, the beneficiaries, the trust fund, the governing law, the distribution framework, any reserved powers and the administrative provisions.

Trustee

A trustee is a person or entity that holds legal title to assets on behalf of beneficiaries, managing and administering them according to the terms of the trust deed. In Switzerland, professional trustees must be licensed under the Financial Institutions Act (FinIA) and are subject to FINMA supervision. The trustee has a fiduciary duty to act in the best interests of the beneficiaries.

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