When asked what the beneficiary is, the answer is the following list of legal entities and individuals:
- Those who receive income from personal property that is in trust or used by third parties. An example is the leasing of movable and immovable property or the transfer of shares for use by brokers.
- Designated Beneficiary Recipients. At the same time, what is the beneficiary can be seen in the insurance policy, as property insurance can be carried out in favor of an unauthorized person. In the event of the death of the beneficiary prior to the payment, the heir acts as the beneficiary.
- Indicated by the issuing bank as the owner of the documentary credit.
- Cash-receiving collection.
- Receiving a bank certificate.
What is a beneficiary?
Thus, it is the recipient of various benefits and advantages, income and profits, as well as cash payments in accordance with a debt document or contract.
Often in specialized literature you can find the term "beneficiary". However, this is a complete analogue of the concept under consideration.
The procedure for determining the beneficiary
In the process of registering an offshore company , the director, shareholder and secretary are registered first.
However, the real name of the ultimate recipient of profit is rarely mentioned. Thus, in determining what the beneficiary is, it can be safely stated that this is the real owner of the company. It is understood that this is a certain individual (legal) person who is actually the owner of the company, but at the same time, in accordance with the constituent and registration documents, this company belongs to other persons. Beneficiaries of a legal entity are the real owners of its assets. Often, under this definition, you can meet the exporter in accordance with the concluded special agreements. Two terms are considered synonymous with this concept: "recipient of profit" and "beneficiary". However, its semantic meanings are as follows:
- beneficiary - annuity recipient;
- beneficiary of a documentary letter of credit - the person to whom the bank opens a letter of credit;
- a person who receives rent as income when renting an object;
- this is the heir upon receipt of the will by inheritance;
- it is also the recipient of the insurance amount when applying for the relevant policy; for life insurance, a clause on the payee is possible in the contract (any person may be indicated).
Beneficiary Rights
This issue has already been reflected in domestic law. Very clearly, the rights of such an individual (legal entity) can be considered on the example of lending. Especially if the beneficiary acts as a bank guarantor, as a creditor who has the right to receive cash. An insurance company or a bank shall issue a written document to the beneficiary as a bank guarantee for the payment.