Switzerland is the world’s leading private wealth location and one of the most attractive offshore centres from which to run trusts. Yet the concept of trusts is virtually unknown in Swiss law. As a civil law country, its courts have wrestled with trusts over the years, attempting – with difficulty – to identify the local legal entity they most closely match.
Trust professionals have been crying out for action to ensure that Swiss law recognises trusts as trusts. This has led to a buzz of activity within Swiss legislature and change is now imminent.
