Due to the recently implemented Executive Entity Act, FidPro E.E. has the ability to act in the capacity of Trustee, Protector, Investment Advisor and or Appointor for existing and new trusts under consideration. Section 2. of the Bahamas Executive Entity Act provides for the functions following:
(I) an enforcer, protector, trustee, investment advisor and holder of any other office of any trust, and
(II) the holder of any office of any legal person
(I) executive entity assets; and
(II) trust assets
The E.E. services provided by FidPro are usually associated with our PTC Advisory service and is used in conjunction with our Registered Office and Agent services. The use of an E.E. is most apparent when clients have decided to transfer trusteeship from one service provider to another and an interim trustee is required to facilitate the transfer.
If a trustee is removed or retired by the use of a Deed of Removal/Retirement and Appointment, FidPro as per its Executive Entity designation, is able to be appointed as interim trustee so as to allow the Settlor/Donor the ability to discern and appoint a successor trustee at their leisure. FidPro is able to act as interim or successor trustee based on the preferences of the client.
Coupled with our Registered Office and Agent service, FidPro is able to provide the same level of service offered by the larger trust companies and where feasible, maintain the same bank accounts that were previously managed by the successor trustee.
EXECUTIVE ENTITY SERVICES