If a client wishes to consider how to structure the offshore assets to make best use of the various structures available which Bourse has on offer (“Option 2”). It is also suggested that Bourse Info Sheet – Special Considerations for IHT deemed-doms is considered as part of this decision process. The Combined Product Application Form is available on request from Bourse.

In order to take advantage of Option 2, the client should take the following steps:

1. Identify the assets to be maintained offshore and which will become subject to a Bourse offshore structure. These should be set out on a Non-Dom Assets Allocation Form.
2. Complete a Non-Dom Pre-Verification and Pre-Approval Form and send to Bourse so that Bourse can begin its compliance process and the process of getting pre-approval for opening a bank account if the client has cash which will be subject to a trust.
3. Once the Non-Dom Assets Allocation Form is complete, the client should take appropriate legal, investment and tax advice on how best to structure the way his assets are held. It is suggested that the client uses Bourse’s Decision Analysis for 2017 Deemed-Doms as this will provide the client with an overview of the types of issue that are at play as well as the various Bourse Info Sheets which can be accessed through the Decision Analysis.
4. Allocate an Option to each of the assets – the Options available to the client are set out in brief in the Non-Dom Assets Allocation Form (Options A – D). Careful attention should also be paid to Bourse Info Sheet – Establishing a Trust on an Executory Basis and Practicalities of Transferring Assets in specie when making these decisions as often the client may not have time to undertake the restructuring he might like to.
5. Once the client has decided how best to structure his assets, each asset on the Non-Dom Assets Allocation Form should be given an Option. An overview of these Options is set out in the Non-Dom Assets Allocation Form.
6. Complete a Combined Product Application Form and sign the Deed of Assignment and Confirmation of Trust (if a Bourse Protected Trust is desired), the Life Application section (if a Bourse Life Product is desired), the QNUPS section (if a QNUPS is required) and the Content of Application Forms
7. Complete a Client Due Diligence Form and provide the relevant documentation as set out in that Form. Although the client’s Protected Trust will exist from the date that the Bourse Trust’s acceptance of trusteeship (as further detailed above), the Client Due Diligence Form must be provided as well.
8. The client should note that, unlike the Bourse Protected Trust, any Bourse Life Product or QNUPS will only come into existence once the relevant policy or pension is created by Bourse which will require the transfer of the relevant assets to Bourse. This process could take a substantial amount of time, depending on the counterparties involved, and the client should be made aware that completion of the forms and contacting the counterparties as soon as possible is of the utmost importance.
9. Each of these Forms should be sent electronically to Bourse (at non-domsolution@bourse.gg) and in hard copy to Non-Dom Solution Team, Bourse Trust Company Limited, Havelet House, South Esplanade, St Peter Port, Guernsey GY1 3JS. The Non-Dom Solution Team will then contact the client (or his adviser) to confirm receipt of the form and confirm next steps.