Open a Trust in Ireland: Trust Deed and Registration

If you want to set up a trust in Ireland, you must follow a few steps, which are presented by our lawyers below. We also offer extensive support in the establishment of this type of structure.

Quick Facts
Governing Law	Trust Law
Trust incorporation in Ireland	Through a trust deed.
Trust registration	Subject to registration with the Central Register of Beneficial Ownership of Trusts.
Types of trusts	Examples include fixed interest trusts, discretionary or protective trusts, charitable or purpose trusts.
Trustees	No specific qualifications are required, professional and non-professional trustees can be appointed.
Number of trustees	No minimum or maximum number required by law.
Trustees residency requirements	Not applicable
The appointment of new trustees	Possible if a trustee retires or in other cases.
Trustee duties	The trustee has fiduciary duty, the duty of good faith, the duty to avoid conflicts of interest, not make unauthorised profit, the duty to treat the beneficiaries fairly, and the duty of care, among others that may be defined.
Trustee liability	Liability for breach of trust.
Trustee powers	To authorise the receipt of money, to insure buildings, to renew leaseholds, to give receipts, purchase and sale powers, and others.
Court appointed trustees	In some cases, the High Court may make an order to appoint a new trustee if one of the appointed trustees is convicted or is bankrupt, or in other cases.
Trust beneficiaries	One or more, as set forth in the trust deed.
Trust taxation	Can be subject to income tax, capital gains tax, stamp duty, and discretionary trust tax; our lawyers in Ireland can give you more details.
The transmission of property	Upon the death of the settlor, as per the instructions set forth in the trust deed, and managed by the trustee.

Can I set up a trust in Ireland if I am a foreigner?

Yes, you can, as there are no restrictions in this sense.

What are the conditions to incorporate a trust in Ireland?

Here are some of the most important aspects:

the settlor must clearly define the purpose of the trust/reason for creation;
the settlor must also appoint the trustee(s) and name the beneficiary(ies);
a trust agreement must be drafted, and it must designate the assets managed by the trustee;
the trust must be registered with the Central Register of Beneficial Ownership of Trusts (CRBOT), which is managed by the Revenue Commissioners.

How can I create a trust in Ireland?

You have two options:

by drafting a trust agreement;
by drawing up a will.

You can rely on our lawyers in Ireland for guidance in choosing the appropriate option, followed by its establishment.

What are the steps to open a trust in Ireland?

The following:

choose a type of trust;
appoint a trustee;
draft the trust deed (our Irish lawyers can create the documents in accordance with the applicable legal provisions);
transfer the assets to the trustee;
register the trust with CRBOT.

Who are the parties in a trust in Ireland?

The Irish trust legislation, just as the laws of other countries, provides for the following parties to participate in a trust:

the settlor, which is the person creating the trust;
the trustee, which is the person or even company in some cases administering the trust;
the beneficiary, which is the party inheriting or in whose name the trust was created.

What are the main benefits of an Irish trust?

The Irish trust provides a set of advantages, one of them being that the entity can be set up by foreigners. It allows 100% foreign ownership, and it is a suitable vehicle for asset protection. More importantly, the Irish trust can be registered for a lifetime, as its existence can be terminated once the owner has passed away. However, the person setting up the trust is entitled to close it during his or her lifetime.

What types of trusts can I create in Ireland?

The following:

bare trusts – the assets of the trust are held for a single beneficiary through a trustee;
the trustee is the person who has the legal right to hold and manage the respective assets;
fixed interest trusts – the settlor has the right to establish the way in which the income of the trust will be distributed amongst the beneficiaries;
discretionary trusts – in this case, the assets are held for a group of beneficiaries, who can receive their entitlements as prescribed by the trustee;
charitable trusts – this type of trust has to follow the regulations prescribed by the Charities Act 2009.

Our team of Irish lawyers can assist foreign businessmen with in-depth information concerning the advantages of a particular type of trust and may also advise on the registration requirements imposed on each type of entity

Our lawyers invite you to watch the following video on opening a trust in Ireland:

What information must I supply to register a trust with the Central Register of Beneficial Ownership?

The following:

details of the trust: name, creation date, type and reason for creation, country of residence of the trustee;
information about the beneficial owners (settlor and beneficiaries);
the details of the trustee.

What are the requirements for setting up a will trust in Ireland?

A will trust in Ireland is a type of trust in which its effect starts only after the death of the person making the will. Through the will trust, a person obtains the right to administer the assets of the person making the will for the benefit of other persons, for a charitable purpose, or for any other purpose that is recognized under the local legislation.

How long does it take to set up a trust in Ireland?

Approximately one month, depending on the type of trust.

Persons who are taking into consideration opening a trust in Ireland and who are interested in finding out more details on the Trust Law are invited to contact our Irish law firm. Our attorneys can assist with further advice on the tax compliance applicable to this structure.