An irrevocable trust is a trust which cannot be terminated by the trustor after the trust deed has been completed. Once an irrevocable trust has been created, the trustor has no power to terminate or alter the trust or to repossess their assets. The trust becomes a contract between the trustee and the trust beneficiary only.
In Switzerland, an irrevocable trust is considered the property of the beneficiary. A withholding tax is levied on assets which make up the trust fund. This withholding tax can be reclaimed if the beneficiary is a tax resident of Switzerland.
See also: Revocable trust