Overseas Trustees

B

boaber

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Hi all

Does anyone know if there is any restriction on trustees of irish schemes to reside in Ireland?

For example, if the principal employer is a large multnational, whose head office is in the US, and operates a scheme here for its Irish employees, can say the CEO in the US sign on behalf of the trustees?
 
In order to qualify for the various tax breaks, there used to be a requirement that at least 50% of the trustees were resident in Ireland, but this requirement has now been relaxed by Revenue. Now they are prepared to allow schemes to have the majority of trustees resident overseas, provided there is at least one Irish resident trustee and the scheme is administered from Ireland.

Homer
 
In this case I would imagine that the Irish subsidiary company would act as trustee and the American CEO is a director that can sign on behalf of the Irish entity Boaber?
 
Looks like it, the registered address of the employer as stated on the original declaration of trust is in Ireland.

The CEO is based in the parent company in the US
 
Hi Boaber

Is the employer acting as trustee? This used to be quite common several years ago, but is fairly unusual these days.

It's more likely that there is a trustee company (of which the US based CEO could be a director) or a group of individual trustees (including the CEO). If you have a copy of the trust deed, it should identify the trustees on the first page. The annual report and scheme booklet should also identify the trustees.

Homer
 
It sounds like the employer is sole trustee here...also sounds like a new plan so there would be no Annual Report and prob no booklet yet either.
 
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