Trust Laws in the Czech Republic and Hungary

The excursions of the trust 5
Paolo Panico
STEP Europe

Part I: Trust laws in the Czech Republic

Introduction 19
James Turnbull
Uplift

The law: peculiarities and adaptations 25
James Turnbull
Uplift

Formalities and documentation: statute, contract, changes 29
Bohumil Havel
Charles University; PRK Partners
Vlastimil Pihera
Kocián Solc Balastík

How trusts are used in the Czech Republic 41
Helena Svárovská
J&T Family Office

Individual vs corporate trustees in the Czech Republic 55
Michaela Drazková
Petr Lastovka
EMUN

Duties and responsibilities of trustees 71
Petr Jakubec
ROSE Legal s.r.o., advokátní kancelár

Beneficiaries - rights to performance, information and supervision 91
David Neveselý
Jirí Pokorný
Havel & Partners

UBO Register and Register of Trusts 109
Daniela Gadasová
CEEtax

Taxation of trusts 121
Ivan Kovár
BDO Czech Republic

Czech family foundations: an alternative to trusts 139
Stepán Holub
Holubová advokáti s.r.o.

Part II: Trust laws in Hungary

History, implementation, peculiarities and adaptations 149
István Sándor
Kelemen, Mészáros, Sándor and Partners

Settlors, formalities and documents: contract, unilateral declaration, testament, changes 165
István Sándor
Kelemen, Mészáros, Sándor and Partners

How trusts are used in Hungary 183
Ákos Menyhei
Primus Wealth; Aliant-MenyheiMolnár-B. Szabó Law Firm

Professional trustees 201
István Illés
APELSO Trust

Ad hoc trustees 225
Sára Seszták
Seszták Ügyvédi Iroda

Beneficiaries and protectors 239
Gábor B Szabó
Aliant-Menyhei-Molnár-B. Szabó Law Firm

Register of Trusts and UBO Register 265
Ákos Menyhei
Primus Wealth; Aliant-MenyheiMolnár-B. Szabó Law Firm

Taxation of trusts 277
Csaba Magyar
Crystal Worldwide Law Firm

Private asset management (family) foundations - an alternative 287
Ákos Menyhei
Primus Wealth; Aliant-MenyheiMolnár-B. Szabó Law Firm

Appendix I: Translation of the Czech Civil Code 299

Appendix II: Translation of 2019 Act on Asset Management Foundations 307

About the authors 315

About Globe Law and Business 323