Trusts required to register and certain exemptions
Non-Residents
Trusts where none of the trustees are resident in the European Union (EU) and the trust is not administered in the EU must register with the CRBOT if:
- a trustee enters a business relationship in the State on behalf of the trust
- or
- a trustee acquires land or other real property in the State in the name of the trust.
This will apply as long as:
- the business relationship exists
- or
- the land or property continues to be held by a trustee in the name of the trust.
Note
‘Business relationship’ means a business, professional or commercial relationship between a designated person for anti-money laundering purposes and their customer. The designated person must expect this relationship to be ongoing.
Trustees that are not resident in the EU but have business relationships or property in more than one Member State (MS) must acquire a certificate from the Registrar in another MS where:
- a trustee enters a business relationship in Ireland on behalf of the trust
- or
- a trustee acquires land or other real property in Ireland in the name of the trust
- and
- the trustee has filed the information on the Central Register in another MS
- and
- the information is the same as what is required to be filed on the CRBOT (apart from the PPSN).
Note
The certificate should state that the trustee has filed the information on the Central Trust Register in that MS.
The certificate must be available for inspection.
Next: Excluded arrangements