IPG promotes Bahamas Executive Entity in Switzerland

The newly launched Bahamas Executive Entity (BEE) structure is likely to be an important tool to strengthen and simplify international estate planning, according to a survey of trust specialists in Geneva and Zurich.

The poll, conducted by fiduciary services provider International Protector Group (IPG) among 40 investment advisors, lawyers and senior banking executives, found that 83% of respondents considered the BEE useful.

IPG is a specialist provider of Family Office services with a particular focus on Private Trust Companies. It had assets under supervision of $1.5bn at 31 December 2011.

When asked if they would use the BEE in the next 12 months, 61% of respondents said it was likely they would do so. The group was equally divided on the role of the BEE between the role of protector, shareholder, investment advisor and trustee.

“The survey results show how the Bahamas Executive Entity is a timely and ground breaking piece of legislation,” said Andrew Law, chief executive of IPG. “It is the first incorporated structure designed to be a power holder which can resolve complex governance issues in fiduciary and wealth planning structures. It affords clients greater control in the administration and security of their wealth.”

IPG found the structure could reduce personal liability by ensuring that any powers (e.g. voting control) are held in a legal entity. Having a BEE incorporated in a client’s structure may help avoid family disputes and other personal conflicts, because more family members or their advisors can be involved in the decision making process.

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