Nerine Group of Fiduciaries, part of financial services provider
Group, has developed a “domestic solution” for Indian nationals to build on its
work as an independent trust firm with an office in India, it said yesterday.
Nerine said it is the first independent trust company to have
office in India - launching
Nerine Advisory Services Pvt in Delhi
in 2011, followed later that year by the incorporation of Nerine Trustee
Nerine Advisory Services India Pvt managing director,
said: “Our decision to set up an office in India
was a major step forward for us that cemented Nerine’s continued
expansion plans in Asia after the success of our stand-alone office in Hong Kong.
“The natural progression for
succession planning was developing our domestic trust offering. Some may
believe that, because India's
legal system is based on British law, this would be straightforward. This is
not the case as Indian family law is complex and each religion has its own
specific laws which must be adhered to. However, we now have the infrastructure
and skills in place to advise and provide effective succession planning to
Indian residents using domestic trusts,” Khanna said in a statement.
“Factors in the past ten years have meant that there has been
renaissance in trusts as a mode of succession and estate planning in India.
One reason is the rapid and broad economic growth which is setting the agenda for
change in a number of areas,” he said.
“Nerine’s Indian domestic trust is tailored to meet clients’
expectations which have outgrown traditional solutions and they now need a
structure that ensures optimisation and continuity of ownership and management
skills matching the business's present and future needs,” Khanna said.
A development that has boosted private wealth structuring has
Indian government’s recent relaxation of its rules on remittance of funds
abroad by resident Indians. Every individual is now allowed to remit $200,000
per year, including minors. This amount is expected to rise to $400,000 in the
next year, Nerine said.
“As a consequence, high net worth individuals have started to
accrue assets outside India
that are subject to foreign taxes and laws,” Khanna added.
1997, the Nerine Group has offices in Guernsey, the British
Virgin Islands, Switzerland, Hong Kong and Delhi.