Direct owner is a natural person who directly controls a legal entity by holding more than 25% of the shares, stocks, contributions, units and/or votes in the legal entity.
Indirect owner is a natural person who controls, through other legal entities, an enterprise or several enterprises in which more than 25 % of the shares, stocks, contributions, units and/or votes of the natural person are held.
A natural person who otherwise controls a legal entity, for example, by having the right to appoint or remove the legal entity’s manager and to take strategic decisions.
In the absence of such persons, the beneficiary is a natural person who otherwise controls the legal entity, e.g., is its manager, chairman/chairwoman, member of the board or other collegial management body, or a natural person holding a senior management position, and who holds a sufficiently senior position to take decisions on behalf of the legal entity.
All of the following are deemed to be the beneficiaries of a client/trust fund:
- the settlor(s)
- the trustee(s)
- the custodian(s), if any
- the natural persons who benefit from the client or, if these persons have not yet been identified, the persons in whose interests the client is established or acts
- any other natural person who effectively controls the client through direct or indirect ownership or other means.