Сравнение структур
Траст, компания или фонд?
Сравните три основные структуры для хранения активов и выберите наиболее подходящую для ваших целей.
Трасты, компании и фонды имеют уникальные преимущества и недостатки; оптимальный выбор зависит от индивидуальных обстоятельств, целей и задействованных юрисдикций.
Траст
Компания
Фонд
Key characteristics at a glance
| Feature | Trust | GBC Company | Foundation |
|---|---|---|---|
| Legal nature | Not a legal entity — a relationship whereby the trustee holds assets for beneficiaries | Separate legal entity with full legal personality | Separate legal entity with its own legal personality — hybrid between a trust and a company |
| Asset ownership | Trustee holds legal title to assets on behalf of beneficiaries | Company owns assets in its own name | Foundation owns assets in its own name |
| Governing document | Trust deed | Constitution (articles of association) + board resolutions | Foundation charter + regulations |
| Management | Trustee — professional trustee or Private Trust Company (PTC) | Board of directors — resident and/or non-resident | Foundation council (equivalent to a board) |
| Beneficiaries | Named individuals or a defined class of beneficiaries | Shareholders — legal owners of the company | Beneficiaries or purpose — can be hybrid |
| Founder/Settlor retained control | Limited — settlor must not retain excessive control or the trust risks being a sham | Possible through share structure, weighted voting rights or shareholders' agreement | Founder can retain reserved powers under the foundation charter — more flexible than a trust |
| Flexibility | Very high — discretionary trusts allow wide latitude in distributions and investment decisions | High — governed by corporate law but highly customisable | High — charter defines objectives; regulations can be amended |
| Civil law recognition | Can be complex in civil law jurisdictions — some countries do not recognise trusts | Universally recognised — all jurisdictions recognise companies | Better understood in civil law systems than trusts — gaining recognition in more jurisdictions |
| Succession planning | Excellent — designed for inter-generational wealth transfer; avoids probate | Possible — but share transfers on death may trigger taxes and formalities in the shareholder's jurisdiction | Excellent — designed for succession; foundation continues after founder's death |
| Asset protection | Strong — assets held by trustee are generally separated from the settlor's personal estate | Moderate — limited liability of shareholders but company assets may be attachable by company creditors | Strong — foundation assets are legally separated from the founder's personal estate |
| Forced heirship mitigation | Strong in Mauritius — the Trusts Act specifically provides protection against foreign forced heirship claims | Limited — company shares form part of the shareholder's estate in most jurisdictions | Strong — the Foundations Act provides similar protection to the Trusts Act against forced heirship |
| Privacy | High — trust deeds are confidential; no public register of trust terms | Moderate — directors and shareholders may be on public register (can use nominees) | High — foundation charter is filed but terms can be kept confidential |
| Tax treatment (Mauritius) | No Mauritius tax on trust income if no resident beneficiary; transparent for most purposes | GBC taxed at 15% corporate rate with 80% partial exemption on qualifying income — effective rate around 3% | No Mauritius tax on foundation income if no resident beneficiary |
| Tax treatment (foreign jurisdiction) | Generally transparent in common law jurisdictions; settlor may be deemed taxable on income | Typically opaque — company is a taxable entity in its own right; dividends may be taxed on extraction | Varies — some jurisdictions treat foundations as transparent (like trusts), others as opaque (like companies) |
| CRS reporting | Reported by the trustee as a financial institution if holding financial assets | Reported as a financial institution if a passive NFE with controlling persons | Reported by the foundation council as a financial institution if applicable |
| Typical use cases | Succession planning, asset protection, inter-generational wealth transfer, discretionary family trusts | Holding company, investment vehicle, regional HQ, trading company, IP holding | Succession planning for civil law families, charitable or purpose structures, asset protection |
| Cost / complexity | Moderate — ongoing trustee fees; compliance costs | Moderate — annual licence fee (USD 335), accounting, secretarial and compliance costs | Similar to trust — council fees and annual compliance costs |
When to choose a trust
- You are from a common law jurisdiction and the trust concept is familiar to your legal and tax advisers
- Your primary objective is succession planning and inter-generational wealth transfer, with maximum flexibility over distributions
- You want strong asset protection without a distinct legal entity being apparent to third parties
- You have a complex family situation — multiple beneficiaries, different generations — and want a professional trustee to exercise discretion
- You need to override or mitigate forced heirship claims from your home jurisdiction
- You want a structure that can hold a variety of assets (company shares, cash, financial instruments) in a single vehicle
- You are comfortable with the requirement that the trustee holds legal title and that your control over assets is limited
When to choose a foundation
- You are from a civil law jurisdiction (France, Germany, Spain, Latin America, China) and prefer a structure with distinct legal personality that your domestic advisers will recognise
- You want to retain more formal governance rights as founder than a trust structure would typically permit
- You have both family succession objectives and a purpose element (charitable giving, family governance rules, educational objectives)
- You want the structure to hold assets in its own name rather than through a trustee relationship
- You need a structure that is better understood by civil law notaries, tax authorities and family advisers in your home country
The information on this page is provided for general guidance only and does not constitute legal, tax or regulatory advice. Always seek professional advice specific to your situation.