A Trust Deed Variation To Exclude Foreign Beneficiaries is a crucial document used in New Zealand when trustees need to modify an existing trust structure to remove or exclude foreign beneficiaries from the trust's scope. This modification may be necessary for various reasons, including compliance with overseas investment regulations, tax optimization, or simplified trust administration. The document is governed by New Zealand law, particularly the Trusts Act 2019, and must be drafted in accordance with both the original trust deed's variation powers and statutory requirements. It typically includes detailed definitions of foreign beneficiaries, specific variation clauses, and necessary consents or acknowledgments. This type of variation is particularly relevant in the current regulatory environment where trusts face increased scrutiny regarding foreign beneficiary interests and cross-border asset management.
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1. Parties: Identifies the current trustees and any other parties required to execute the variation deed
2. Background: Recitals setting out the existence of the trust, original trust deed details, power to vary, and reason for variation
3. Definitions: Key terms including 'Foreign Beneficiary', 'Original Trust Deed', and other relevant definitions
4. Interpretation: Rules for interpreting the deed including relationship with original trust deed
5. Power to Vary: Confirmation of the authority to make the variation under the original trust deed and/or Trusts Act 2019
6. Variation: Specific amendments to exclude foreign beneficiaries, including precise definition of excluded persons
7. Effective Date: When the variation takes effect and any transitional provisions
8. Confirmation: Confirmation that all other terms of the original trust deed remain unchanged
9. Governing Law: Confirmation that New Zealand law governs the variation
10. Execution: Execution blocks for all required parties
1. Foreign Law Opinion: Section addressing any foreign law implications, required if trust has significant overseas connections
2. Tax Declarations: Specific tax-related statements if the variation has significant tax implications
3. Consent of Appointor: Required if the trust deed requires appointor consent for variations
4. Beneficiary Acknowledgment: Include if any adult beneficiaries are required to acknowledge the variation
5. Court Approval: Reference to court approval if obtained or required under s 122 of the Trusts Act 2019
1. Schedule 1 - Original Trust Deed: Copy or details of the original trust deed and any prior variations
2. Schedule 2 - Definition of Foreign Beneficiary: Detailed definition and criteria for determining foreign beneficiary status
3. Schedule 3 - Affected Beneficiaries: List of beneficiaries affected by the variation (if appropriate to include)
4. Schedule 4 - Powers of Variation: Extract of relevant variation powers from original trust deed
5. Schedule 5 - Consents: Copies of any required consents from appointors, protectors, or beneficiaries
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