Fiduciary Services in SpainUpdated on Tuesday 13th December 2016
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Fiduciary activities refer to the services offered by a natural person – specialized in a specific field, or by a company, with the purpose or acting on behalf of a client in a legal matter. The main aspect related to the fiduciary services offered in Spain is that the specialist must represent the best interest of his or her client. At the same time, the person should also act in good faith, as he or she is responsible for the well-being of the client’s assets. Such services can be provided for numerous aspects related to the finances of a natural person or a legal entity. Our team of lawyers in Spain can provide legal assistance on the main fiduciary services available here.
Obligations of a fiduciary in Spain
Regardless if the fiduciary services are provided by a natural person or a legal entity, the respective one that acts on behalf of a client – who can be represented by a natural person interested in wealth management services or by a shareholder, stockholder or any other type of customer interested in managing his or her assets, the provider must respect several duties.
In this sense, we mention the following moral obligations of the persons providing such services:
• full disclosure when consulting with the client;
• accounting responsibilities.
Our team of attorneys in Spain can offer more details on the legal obligations imposed to a fiduciary operating in this country.
Fiduciary services available in Spain
As a general rule, fiduciary services are usually provided to various corporate entities, with the purpose of representing the interests of a certain beneficiary.
Most of the fiduciary services are available for the following categories of entities:
• board members and shareholders;
• lawyers and clients;
• investment entities and investors.
The fiduciary relations that can be established between lawyers and their clients can cover a wide area of legal matters, related to the incorporation of a company or various legal issues, such as litigations cases. The lawyers in Spain have the obligation of representing in court or in front of a local institution the best interest of the client, as the attorneys have the legal right to act on behalf of the clients. In this sense, we mention that the clients can sign the power of attorney, which will allow the lawyer to represent the respective natural person/company.
Businessmen interested in more details related to the fiduciary services available here are invited to contact our law firm in Spain.