The TRUST is not directly regulated by the regulatory system of many European countries, but it is nevertheless a legitimate legal instrument. For example, in Italy, in particular, it is implementable by virtue of the ratification of the Hague Convention of the 1 st of July 1985 entered in effect on the 1 st of January 1992. Therefore, the Anglo-Saxon TRUST is recognized in the Italian legal system as a private law institution, but is not regulated by Italian law.
It is the duty of the settlor or the trustee to choose the applicable law among the foreign legal systems that specifically legislate on the TRUST (such as, for example, England). If, however, the settlor or the trustee do not make such a choice, the law with which the TRUST has closest connections must be applied (place of management, location of the assets, residence of the trustee, residence of the beneficiary, etc.).
In European countries the Anglo-Saxon TRUST is recognized as:
- a TRUST established abroad;
- a TRUST set up in England for assets located abroad;
- a TRUST established by foreign citizens (not English) for assets located abroad.
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