Terminologia Offshore Comercial

Badges of Fraud. Conduct that raises a strong presumption that it was undertaken with the intent to delay, hinder or defraud a creditor.

Bank of International Settlements (BIS). Structured like America’s Federal Reserve Bank, controlled by the Basel Committee of the G-10 nations’ Central Banks, it sets standards for capital adequacy among the member central banks.

Beneficiary. The person(s), company, trust or estate named by the grantor, settlor or creator to receive the benefits of a trust in due course upon conditions which the grantor established by way of a trust deed. An exception would be the fully discretionary trust. The beneficiary could be a charity, foundation and/or person(s) which or who are characterized by "classes" in terms of their order of entitlement or their hierarchy.

Board of Trustees. A board acting as a trustee of a trust or as advisors to the trustee depending upon the language of the trust indenture. Also see Committee of Advisors.

British West Indies (BWI). In the Caribbean, including the UK-dependent territories of Anguilla, the British Virgin Islands (BVI), the Cayman Islands, Montserrat and the Turks and Caicos Islands.

Business trust. A trust created for the primary purpose of operating or engaging in a business. It is a person under the Internal Revenue Code (IRC). It must have a business purpose and actually function as a business.