Slovakia (SK)

Jurisdiction Overview

IDQuestionAnswer
206 *Is any formal registration required at all? NEITHER, BUT NO DOMESTIC: Domestic law trusts cannot be created, but no registration of domestically managed foreign law trusts.
 Data Date: 2014

Notes

 
"The Slovak Republic's legislation does not require registration or disclosure of information regarding settlors, trustees and beneficiaries of trusts to government authorities. Under the tax laws, the income of a foreign trust is not attributable to the trustee and only relevant trust beneficiaries (i.e. those liable to tax in the Slovak Republic) need to file tax returns in respect of their own trust income." (GF 2014: 47).
 
In 2015 the EU approved Directive (EU) 2015/849 (EU Directive) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. While article 31 of the EU Directive refers to trust registration in all EU Member States, two loopholes will prevent its effectiveness. First, it appears that only domestic law trusts will be covered, since Article 31 refers to the obligation of trustees to obtain and hold information in case of "any express trust governed under their law" (EU Directive, Article 31.1). Second, trusts that need to be registered are only those which generate "tax consequences" (EU Directive, Article 31.4). Although there is no definition of tax consequence, it appears that this will limit registration of trusts to those which are subject to tax within the jurisdiction.

Sources

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32015L0849&rid=1
 
GF 2012: 35; GF 2014: 46-48