The Family Wealth Report has reported today that:
Barclays Wealth has launched a national US trust company, called Barclays Wealth Trustees and to be based in Delaware, aiming to expand its global wealth advisory platform and increase client service offerings in the Americas.
“This is an exciting time in our development and we are proud to be investing in the US and expanding our global trust services proposition with the recent opening of a Delaware US trust company,” said Rob Withecombe, managing director and head of wealth advisory globally for Barclays Wealth.
BWT will offer high net worth clients the ability to create US trust and estate planning structures and choose jurisdiction in any of the 50 states. It will be able to act as a trustee, co-trustee or agent in trust administration. It will also offer clients access to fiduciary services in multiple jurisdictions through its global offices.
More opacity.
More tax avoidance.
More families torn apart by wealth (which was my professional experience of busting such arrangements).
Just what the USA and the world did not need right now.
Thanks Barclays.
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You could argue this is exactly what the USA wants right now. They now damn well what goes on in Delaware but turn a blind eye to it. I bet the USA secretly loves all the money flowing into the US banking system via Delaware and other similar states.