The Royal Bank of Canada recently launched its domestic trust service and already is reporting success – and good demand. In fact, Steve Sokic, Senior Manager of Royal Bank of Canada Trust Company (Bahamas), indicates that *”..actual demand out there for Bahamian trusts likely exceeds supply right now.”*
The Managing Director for RBC Trust Company (Bahamas), Mr. Jean-Claude Emard, points out that domestic trust services were a natural extension to RBC’s existing product line, given the institution’s strong reputation for managing trusts for international clients. *”Quite a lot of international experience is being applied to the domestic scene now,”*he adds.
Tax-compliant trusts do provide the opportunity to reduce tax exposure, or defer tax payments to a later date, and there are also many potential non-tax related benefits from the establishment of a trust — still an ideal tool to enhance protection and preservation of wealth. Trusts allow assets to be distributed or retained according to a client’s wishes, and also protects the privacy of assets from delays and public disclosure of court proceedings brought about by, say, disgruntled heirs.
The Royal Bank of Canada joins the Bank of the Bahamas Trust and Fidelity Merchant Bank and Trust as providers of Bahamian trust services.