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STEP Journal

Trusts for Russians

Olga Boltenko, May 2009

Olga Boltenko is Counsel at Hogan & Hartson (London).

Summary:

The common law concept of the trust is alien to the Russian law. However, Anglo-Saxon common law trusts are often used by well-to-do Russians as a wealth management tool. A typical real-life scenario is when a wealthy Russian individual, often resident for tax purposes in Russia, sets up an Anglo-Saxon trust in one of the international financial centres, such as the Bahamas, the Cayman Islands, the Channel Islands, the Isle of Man or Bermuda.

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