STM Jersey has launched a trust structure designed for South African residents looking to accumulate and preserve their wealth.
The financial services firm is offering the product, called the South African Hybrid Unit Trust Structure (SA Huts), to those with £25,000 or more to invest, to help with saving issues against a “backdrop of political uncertainty, escalating inflation rates and a weak rand”.
Linda Nicol, managing director, STM Jersey, said: “This is not another pension or discretionary trust.
“It is a unique hybrid structure which, having taken advice on the applicable South African tax laws, we believe will answer the challenges faced due to the changing political and tax landscape in South Africa.
“We live in a time of political uncertainty and escalating inflation rates combined with the devaluation of the rand. It is important to offer a product that will safeguard our clients’ wealth for them and their families.”
Recently, STM Group released a positive trading update despite having to pay £300,000 ($376,655, €332,623) to Deloitte for a skilled person’s review of its Gibraltar business. STM relocated its head office to the UK from Gibraltar nearly a year ago.
