TRUSTS ACT

A Trust exists where a person holds or has vested in him property which does not form part of his own estate. Trusts are for the benefit of any person whether or not ascertained or in existence and for the valid charitable or non-charitable benefit of beneficiaries.

BENEFITS OF TRUSTS IN BELIZE

* All trusts other than unit trusts may be created by oral declaration or by instruments in writing.
* Trusts may be created for a maximum of 120 years and income may be accumulated for a similar period.
* Trust instruments may make provision for the proper law of the trust and may provide for several aspects of the trust to be governed by a different law. The trust may also provide for changing of the proper law or the governing law.
* Where the proper law of the governing law of a Belize Trust is changed to the law of Belize, any previous law cannot operate to vitiate the trust. Also, if the governing law or proper law is changed from the law of Belize, the law of Belize cannot operate to invalidate the trust.
* A Belizean Court cannot vary or set aside a trust or recognize the validity of a claim against trust property pursuant to the law of another country in respect of marriage, divorce, succession, or claims of creditors.
* Letters or memoranda of wishes may be given to trustees.
* Spendthrift trusts may be created in favor of settlors.
* Charitable and non-charitable purpose trusts may be created.
* Trusts recognized by the law, religion and nationality of different countries may be valid in Belize.
* Simple procedures for the appointment and removal of trustees. Only one trustee is required. Corporate trustees may be appointed. Trusts may provide for the remuneration of trustees.
* If neither the settlor, nor the beneficiaries are resident in Belize and the trust does not own land in Belize the trust is exempt from taxation.
* For a low fee, trusts may be registered at the option of the settlor.
* The Courts have jurisdiction over trusts to enforce them and give relief where necessary.

CREATION OF A TRUST A trust other than a unit may be created by oral declaration or by an instrument in writing including a will or codicil, by conduct, by operation of law, or in any other manner.

For Further Information Contact:
International Business Companies Registry Marina Towers,
Suite 201 Newtown Barracks, Belize City, Belize Tel: (501) 223-5108 Fax: (501) 223-5124
Email: ibc@btl.net
Website: www.ibcbelize.com