Scrutiny tightens on trusts as new tax rule charges based on the residency of the settlor

For Nigerian investors navigating volatile markets, wealth protection is no longer just about chasing high returns; it demands careful structuring, tax planning, and a nuanced understanding of available investment vehicles.

“A trust is typically used to protect assets. It splits ownership, so while I may receive distributions, the title itself is separated. Under the new law, we must examine who controls the trust. Wherever the settlor is resident, the trust takes on that residence. Once it is resident in Nigeria, the trust is liable to pay

For Nigerian investors navigating volatile markets, wealth protection is no longer just about chasing high returns; it demands careful structuring, tax planning, and a nuanced understanding of available investment vehicles.

“A trust is typically used to protect assets. It splits ownership, so while I may receive distributions, the title itself is separated. Under the new law, we must examine who controls the trust. Wherever the settlor is resident, the trust takes on that residence. Once it is resident in Nigeria, the trust is liable to pay

Source: Businessday.ng | Read the Full Story…