PRIVATE TRUST COMPANIES
A Private Trust Company (PTC) is usually formed to act as trustee for specific individuals or groups of individuals and entities where the parties are all related to some extent. The PTC trustee may not be compensated for its services unless it is licenced by the FSC. A PTC in Gibraltar has to be administered by a licenced and regulated company manager or trustee in Gibraltar.
Gibraltar has recently introduced The Private Trust Companies Act 2015 and PTC’s have become popular for certain types of structures.
PTC’s have several advantages:
- The ability to call on the administrative resources of a professional Trustee
- Whilst they are subject to the normal regulatory regime and must exercise the duties and powers of a trustee in the usual way, these can be less restrictive because they look after offer the interests of only one or a few families
- Family members or trusted individuals can be appointed as Directors of the PTC, therefore exercising control as Trustees