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Declaration Of Bare Trust

Declaration Of Bare Trust Template for Indonesia

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Key Requirements PROMPT example:

Declaration Of Bare Trust

"I need a Declaration of Bare Trust for a commercial property in Jakarta, where my Indonesian company will act as trustee holding the property for a Singapore-based investment firm as beneficiary, with the arrangement to commence from March 1, 2025."

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Document background
The Declaration of Bare Trust is utilized in Indonesia when there is a need to separate legal and beneficial ownership of assets while maintaining the beneficiary's absolute control. This document is particularly relevant in situations involving property holdings, investment structures, or corporate arrangements where a nominee arrangement is required. The declaration must conform to Indonesian civil law requirements, including notarization and proper registration where applicable. It typically includes detailed identification of the trust property, clear delineation of parties' roles, and specific provisions regarding the passive nature of the trustee's duties. This type of arrangement is commonly used in Indonesian business practices, especially in real estate transactions, investment structures, and corporate holdings, though it must be carefully structured to comply with Indonesian legal requirements regarding property ownership and trust relationships.
Suggested Sections

1. Parties: Identifies and provides full details of the Trustee(s) and the Beneficiary(ies), including their legal names, addresses, and any registration numbers for corporate entities

2. Background: Explains the context and purpose of creating the bare trust, including reference to any prior agreements or arrangements

3. Definitions: Defines key terms used throughout the document, including 'Trust Property', 'Trust Period', and other relevant terms

4. Declaration of Trust: The formal declaration that the Trustee holds the specified property on bare trust for the Beneficiary

5. Trust Property: Detailed description and identification of the property being held in trust, including any relevant registration numbers or identifying features

6. Nature of Trust: Confirms this is a bare trust and explains the limited role of the trustee as mere nominee

7. Trustee Powers and Duties: Specifies the limited powers and duties of the trustee, emphasizing their passive role

8. Beneficiary Rights: Details the absolute beneficial ownership rights of the beneficiary, including their right to direct the trustee

9. Duration and Termination: Specifies the trust period and circumstances under which the trust will terminate

10. Governing Law: Confirms that Indonesian law governs the trust arrangement

Optional Sections

1. Multiple Trustees Provisions: Include when there are multiple trustees to specify how they must act (jointly or severally)

2. Foreign Ownership Provisions: Include when the beneficiary is a foreign entity or individual, addressing compliance with Indonesian foreign ownership restrictions

3. Tax Provisions: Include specific tax-related provisions when the trust arrangement has particular tax implications

4. Registration Requirements: Include when the trust property requires specific registration under Indonesian law

5. Succession Provisions: Include when there is a need to address the succession of trustees or beneficiaries

Suggested Schedules

1. Schedule 1 - Trust Property Details: Comprehensive description and documentation of the trust property, including any certificates, titles, or registration documents

2. Schedule 2 - Trustee Information: Detailed information about the trustee(s), including identification documents and contact details

3. Schedule 3 - Beneficiary Information: Detailed information about the beneficiary(ies), including identification documents and contact details

4. Appendix A - Required Notices and Forms: Templates for any notices or forms required for the administration of the trust

5. Appendix B - Regulatory Compliance Documentation: Copies of any required regulatory approvals or compliance documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Banking and Financial Services

Investment Management

Property Development

Mining and Resources

Agriculture

Manufacturing

Retail

Infrastructure

Professional Services

Relevant Teams

Legal

Corporate Services

Compliance

Property Management

Investment Management

Finance

Real Estate

Corporate Governance

Risk Management

Asset Management

Relevant Roles

Legal Counsel

Corporate Lawyer

Property Manager

Investment Manager

Trust Administrator

Compliance Officer

Real Estate Manager

Company Secretary

Financial Director

Asset Manager

Property Director

Investment Advisor

Corporate Services Manager

Industries
Indonesian Civil Code (KUHPerdata): The fundamental civil law code that governs private legal relationships, including property rights, contracts, and obligations. Particularly relevant are Book III on Obligations and Book II on Property.
Law No. 5 of 1960 on Basic Agrarian Law: Governs land rights and property ownership in Indonesia, which is crucial for understanding the legal framework of property held in trust.
Law No. 30 of 2004 on Notary Position: Regulates the role and authority of notaries in Indonesia, who are required to authenticate important legal documents including trust declarations.
Government Regulation No. 24 of 1997 on Land Registration: Stipulates the requirements and procedures for registering land rights and their transfers, including trust arrangements involving real property.
Law No. 25 of 2007 on Investment: Relevant when the trust arrangement involves investment activities or foreign ownership considerations.
Law No. 8 of 2010 on Prevention and Eradication of Money Laundering: Contains provisions regarding the transparency of beneficial ownership and trust arrangements to prevent money laundering.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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