Set Up a Trust in Bulgaria
Set Up a Trust in BulgariaUpdated on Wednesday 06th December 2017
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The relationship between a trust founder and the beneficiary as well as the manner in which an individual may set up a trust in Bulgaria is regulated by the Bulgarian law and relevant international and European directives.
The trust can be a convenient manner to solve certain financial issues and deal with the distribution of assets. One of our lawyers in Bulgaria can help you set up this type of trust agreement.
Trusts in Bulgaria
In order to set up a trust in Bulgaria, a Trust Deed is drawn up according to the local laws and statutory requirements. One of our attorneys in Bulgaria can help you during this initial phase.
A trust is a relationship between three parties. The founder, or the one who sets up the trust, is the one who wishes to use the trust as an investment or estate planning tool. The founder can be either a natural person or another company in Bulgaria, entrusts a trustee to manage the manner in which the beneficiary or beneficiaries can access the assets. Thus, the trustee is the one entrusted with handling the trust in Bulgarian and managing the investments.
Requirements for forming Bulgarian trusts
The trust is set up using s Trust Deed. The relationship between the founder, the trustee and the beneficiary is governed by a set of local laws and regulations but it can also be subject to EU directives and the laws for foreign investments, especially for long-term investors and residents in Bulgaria. All of the parties must meet the specified conditions and are bound to their role or function in the management of the trust, as applicable.
One of our lawyers in Bulgaria can give you specific details about the applicable laws in cross-border transactions.
The trust can contain various types of assets which are part of a distinct ownership. This ability to manage different types of assets, as well as the fact that the trust may have a validity period, as specified in the deed, make it a convenient estate planning tool.
To find out more about the advantages of opening a trust please contact the experts at our law firm in Bulgaria.