An offshore trust is simply a conventional trust that is formed under the laws of an
offshore jurisdiction.
Generally
offshore trusts are similar in nature and effect to their onshore counterparts; they involve a settlor transferring (or 'settling') assets (the 'trust property') on the trustees to manage for the benefit of a person or class or persons (the 'beneficiaries').
However, a number of offshore jurisdictions have modified their laws to make their jurisdictions more attractive to settlors forming offshore structures as trusts.
Also, two civil jurisdictions, who are sometimes considered to be offshore, Switzerland and Liechtenstein have artificially imported the trust concept from common law jurisdictions by statute.
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