The Prospero Investment Plan is issued by the Prospero Master Trust, a Jersey domiciled Trust. A SubTrust is established for eligible investors, and investments are held by the trustee for the investors' benefit.
Each sub-trust is segregated from other investors and that of other Prospero liabilities. A Plan Participant's subtrust deed and the master trust deed will both be provided in the welcome pack upon issuance of a Plan.
How It Works
Master Trust
A master trust is simply a specific type of trust that allows the trustee to segregate assets into legally separate sub-trusts that are distinct from one another and can be used to house the ownership of different assets and the beneficial interests of different beneficiaries. For Prospero Investment Plans, the master trust is Prospero Master Trust.
Trustee
The trustee is responsible for the proper administration of the Plan in accordance with the terms of the Prospero Master Trust deed, the Plan deed and the relevant law. The trustee has a legal obligation to manage the Plan assets independently of its own assets and the assets of any other Plan.
The trustee of the Prospero Master Trust and of each Plan is Fiduchi Trustees Limited ("Fiduchi"). Fiduchi is regulated to provide trust business by the Jersey Financial Services Commission. Further information on Fiduchi and its regulated status can be obtained from www.fiduchi.com.
Prospero Plan & Independent Sub-Trusts
While the trustee will legally own all assets within each Plan, the terms of the Plan deed allow for the Plan Participant to nominate someone other than the trustee to exercise the powers of investment over the Plan assets. In this way, you can control the investment direction and performance of your savings.
What Is A Trust?
A trust is a legal fiduciary relationship between three parties; a settlor, the trustee and at least one beneficiary. The settlor (or, in the case of the Plan, the Plan Participant) places assets into the trust (or a Plan), those assets then belong to the trustee, who holds them for the benefit of the persons named in the trust instrument (in the case of the Plan those people named in the Plan Application who become beneficiaries of the Plan).
What Is The Legal Basis For A Trust?
A trust is a is a longstanding concept in common law that dates back to at least the Middle Ages. The trustee assumes legal title to the trust property provided by the settlor, but is required by statute to act in the best interests of the beneficiaries. Your Plan is established under the Trusts (Jersey) Law 1984. Under the Trusts (Jersey) Law, a trustee must act with due diligence, as would a prudent person, to the best of its ability and skill and must observe the utmost good faith and must exercise its powers solely for the benefit of the beneficiaries.
Jersey
(British Crown Dependency)
- Geographic neutrality
- 15 international awards won in the last 5 years
- Recognised for its high standards by: OECD, FATF, the IMF and MONEYVAL
- More than 1,120 members of the Society of Trust and Estate Practitioners
- Trustees regulated by the Jersey Financial Services Commission
- Party to the Hague Trust Convention
Political & Economic Stability
As a British Crown Dependency, Jersey has the defence and international representation of the United Kingdom. However, as Jersey has complete governing autonomy, it maintains independent legal and financial systems.
Tax Benefits
Jersey-based trusts profit from various tax benefits such as those relating to capital gains, wealth, and inheritance, among others.
Succession Planning
Around the world inheritance laws vary, which can complicate the succession wishes of an individual. A Jersey trust, being governed by the Jersey legal system, can recognize the self- selected succession plan of the settlor, distributing the assets to the underlying beneficiaries named in the trust documents.
