FAQs
WHAT DOES BEING REGISTERED WITH SUGEF MEAN?

While Trope Trust Services, S.A. (corporate ID number 3-101-711512) is registered with the Superintendent of Financial Institutions, this is not an authorization to operate, and the Superintendentis only enabled to supervise money laundering activities as provided for in Law No. 8204 on Narcotics, Psychotropic Substances, Nonauthorized Drugs, Money Laundering and the Financing of Terrorism.

Therefore, SUGEF does not supervise any of the transactions undertaken by the company or its security, stability or solvency. Those who contract our services do so at their own expense and risk.

You may consult the validity of Trope Trust Services, S.A.’s registration with SUGEF on the Superintendent’s website at www.sugef.fi.cr

 

WHAT ARE TRUST SERVICES AND WHAT IS THEIR PURPOSE?

Trust services are those in which a natural or legal entity administers the wealth or property of another person for the benefit of the latter or for the benefit of a specified third party in light of the law and regulatory entities. Their purpose is to manage estates, ensure business transactions or debt or plan the allocation of property during one’s life or after the owner’s death.


WHAT IS A TRUST AND WHAT ARE ITS ADVANTAGES?

A trust is a highly versatile contract regulated by trade legislation through which assets, resources, shares, credits or rights are administered, having been allocated for a specific period of time to fulfill a specific purpose.

The advantages of a trust include a flexible structure that isolates and protects property for a specific purpose. It provides legal security given the participation of an impartial legal entity, authorized and supervised by regulatory bodies, in the processes of formalization and execution, thus ensuring transparency during the life of the trust.

Moreover, trusts are subject totrust secrecy, which guarantees the privacy and confidentiality of the customer’s information, interests and needs. Lastly, trusts offer a reduction of financial costs and credit risk and allow for the establishment of specific, objective criteria for administration and investment.


WHO ARE THE PARTIES TO A TRUST?

The different parties to a trust are the following:

a. Fiduciary (Trustee): the natural or legal person who administers the property held in trust.

b. Settlor (Trustor): the natural or legal person who provides the property to be held in trust.

c. Beneficiary: the natural or legal person who benefits from the trust.


WHAT TYPES OF TRUSTS ARE THERE?

A trust is a flexible structure that can be created to satisfy any licit interest. The most common types of trusts are: administrative, guarantee, investment, testamentary, share and real estate development trusts, etc.

 

WHAT IS REQUIRED TO ESTABLISH A TRUST?

To establish a trust, it is essential for the Settlor to have legal capacity and ownership of the property to be held in trust and the trust must have a legal purpose.


HOW LONG DOES IT TAKE TO ESTABLISH A TRUST AND WHAT COSTS ARE INVOLVED?

The time it takes to establish a trust will vary based on its complexity. Factors that must be taken into account include: time for Trope Trust Services to prepare the draft contract, for which the customer will need to provide all the information requested; time for the interested parties to review the contract; time to prepare the property to be held in trust; and the availability of the parties to formalize the contract.

The costs involved in establishing a trust will vary based on the type of trust being established, the nature of the property to be held in trust, the level of complexity and execution plan and trustee fees.

For more information, please contact us to request a preliminary meeting with our team. We will gladly clarify any questions you have at that time.


WHEN DOES A TRUST TERMINATE?

A trust can be terminated for various reasons:

1. Fulfillment of the purpose for which it was created.

2. Inability to fulfill the purpose for which it was created.

3. Expiration of the maximum legal period of 30 years.

4. Occurrence of the condition subsequent to which the trust is subject.

5. Agreement to terminate by all interested parties.

6. Revocation by the Settlor when such a right has been reserved.


HOW CAN I MEET WITH A TROPE TRUST SERVICES REPRESENTATIVE REGARDING MY SPECIFIC TRUST NEEDS?

At Trope Trust Services, we are always just a phone call or email away. You may reach us at 4052-6049 or send us an email at info@trope.cr

Trope Trust Services was founded by the partners of Quatro Legal.