In short, a Trust is a legal framework in which property or assets are held and managed by a Trustee. As Trusts can be a complex legal mechanism, the area of Trust law covers how Trusts are:
- what kind of property or assets can be held,
- how the assets are managed, and
- how the assets are disbursed to a beneficiary.
For most individuals and corporate entities, using Trusts to purchase and hold assets is often an integral part of their tax, financial, and investment planning.
The Del Carpio Office has a long and highly proven experience in the area of Trust law within the Dominican Republic. Through our efforts, in 2011 we advocated for and supported the passage of the Revised Trust Law Act, which now greatly facilitates individuals and corporate entities investing in our country.
Since 2011, it is now possible under the law in the Dominican Republic to replicate any kind of Trust that been created in the US and most other parts of the world. What this further means is that it’s very easy for investors, developers, and purchasers of real estate to use the Trust they have in their own country as the basis to conduct a transaction in ours.
Should a client still wish to create a new Trust, we are able to advise on the benefits and set up each type of Revocable, Irrevocable, Land, Living, or other Trusts accordingly.