We have represented clients in relation to establishing fiducia structures subject to Romanian law and trust contracts under Anglo-Saxon legislation. In the latter case we team up with trust legal services companies established in UK.
We have an unparallel knowledge on the market in relation to establishing trusts and fiducia structures.
We have written the book on “Fiducia and Trust” in Romania in 2017. You may download Fiducia and Trust in Romania – in a glance brochure here.
We work in close collaboration with the Romanian Association of Trustees at www.fiducia-romania.ro, which is the main association that can be enquired about principles and best practices regarding Fiducia in Romania.
Fiducia is the legal operation, having its source in law or contract, whereby one or more constituents transfer real rights, debt rights, guarantees or other property rights, or a set of such rights, present or future, to one or more trustees who exercise them for a definite purpose for the benefit of one or more beneficiaries. These rights form an autonomous patrimonial mass distinct from the other rights and obligations in the assets of the trustees.
Fiducia contract has the following parties: trustor/grantor; trustee (credit institutions, investment firms, lawyers, notaries, etc.); respectively beneficiary, who may be either a third person or the trustor/grantor.
Under the fiducia contract the fiduciary will be able to exercise the transferred rights only in accordance with the purpose set by the constituent, and for a fixed term which cannot exceed 33 years at the expiry of which the contract ends and the fiduciary property shall be transferred to the beneficiary or, failing that, to the constituent.
By continually finding new and better ways to serve our clients, we have established ourselves as the go-to wealth intergenerational transfer and planning resource for high-net-worth individuals. We are known for our ability to distill sophisticated legal concepts such as fiducia and trust into clear, actionable advice and have pioneered the fiducia structures in Romania.
Our experience in this field includes:
- preparing and assisting in relation to concluding fiducia contracts subject to Romanian law
- preparing and assisting for concluding trust contracts subject to Anglo-Saxon law
- providing tax law assistance in relation to trust or fiducia structures
- assisting clients for operating projects via trust and fiducia legal structures
- providing assistance to clients in relation to intergenerational transfer of wealth