The Hague Convention on the law applicable to trusts and on their recognition came into force 30 years ago. One of the effects of the Hague Convention was the introduction of a basic definition of trusts for civil law countries to 'recognise' them in their legal systems.
This webinar will discuss the main contents and consequences of the Hague Convention based on the specific national experiences of Italy, Cyprus, and the Czech Republic.
An egregious example to this effect in Italy, where a practice of 'domestic trusts' has developed based on the Hague Convention in the absence of any Italian regulation of trusts. The Hague Convention includes some conflict of laws rules that allow foreign forced heirship claims to prevail over the recognition of trusts. This is in contrast with the 'firewall' legislation of many international financial centres protecting local trusts from the claims of the settlor's heirs.
The Cyprus international trust law includes such 'firewall' provisions but the Hague Convention was recently ratified as well.
The Czech Republic is an example of a European civil law jurisdiction that decided to enact its own version of 'trust' under the newly adopted civil code.
- Paolo Panico TEP, Paolo Panico's Law Chambers, Luxembourg
- Francesco Frattini, Gasparro Frattini e Associati, Italy
- Stepan Holub TEP, Holubova advokati s.r.o., Czech Republic
- Stella Kammitsi TEP, Stella Kammitsi Law Firm, Cyprus