9/14/2017 Belize Trust

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BELIZE TRUSTS
An international trust is registered under the Trusts Act of Belize by a licensed trustee
resident in Belize. To qualify as an international trust, the beneficiaries must at all times
be "non-resident" in Belize as defined in Section 2 of the Trusts Act of Belize.

Trusts offer protection against potential creditors, financial or political instability and
much more. 

For more information on trusts, please click here.

REGISTRATION OF TRUSTS
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There is not a mandatory of a Trust in Belize; however, registration is possible with the
General Registrar in accordance with Belize law. The application must be
accompanied by -
 
·        A certified copy of the Trust Instrument;
·        A fee of BZ$200 (which is US$100).
 
On receiving the above, the Registrar enters into the Register of Trusts the name of the
trust, the name of the settlor, the purpose of the trust, and issues a certificate of
registration to the trustee.
 
That fee stated above is a one-time fee payable upon application for Registration.  It
is not an annual fee.

Features of a Trust
EXEMPTION FROM TAXATION
A trust has no taxation liability in Belize and no requirement to file any returns, reports,
or records, provided that:
 
·        The settlor is not resident in Belize,
·        The beneficiaries are also not resident in Belize, and
·        The trust property does not include any land situated in Belize.

MODIFICATION OF COMMON LAW RULES

The Trusts Act alters the common law rules relating to:
 
·        the rule against accumulations;
·        the rule against perpetuities, removing the perpetuity period;
·        the rule against double possibilities;
·        the rules restricting the extent of charitable purposes;
·        the rules against purpose trusts.

REVOCATION
The trust can provide for an express power of revocation otherwise it will be deemed
to be irrevocable.

RETENTION OF CONTROL AND BENEFITS BY

SETTLOR
A trust shall not be declared invalid or a disposition declared void or affected in any
way if the settlor retains or acquires:
 
·        a power of revocation of the trust;
·        a power of disposition over trust property;

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·        a power to amend the trust deed;
·        any interest in the trust property.

HEIRSHIP RIGHTS
A disinherited heir cannot challenge a trust on the basis that it interferes with his or her
right to succeed to assets or property.

SPENDTHRIFT BENEFICIARY
A trust can provide that an interest in property given to a beneficiary for life or a lesser
period shall not be alienated or pass from the trust by bankruptcy or be taken in
execution by process of law.

BANKRUPTCY
A trust is not void or voidable in the event of the settlor's bankruptcy, notwithstanding
any law of the settlor's domicile or place of residence and notwithstanding that the
trust is voluntary, without valuable consideration and made for the benefit of the
settlor, the settlor’s spouse or children.

FRAUD
The Court (in Belize only) has the power to declare a trust invalid, but does not have
the power to vary or set aside the trust where there is a claim by a creditor upon
insolvency. This applies even in the face of legislation such as the Statute of Elizabeth
and Reciprocal Enforcement of Judgments.
 
The result of the foregoing is that once a trust is settled under the laws of Belize, it is
deemed not to be fraudulent.

GOVERNING LAW
A term of an trust expressly selecting the laws of Belize to govern the trust is valid,
effective and conclusive regardless of any other circumstances.

FOREIGN JUDGMENTS
Foreign judgments are not enforceable against a trust settled under the laws of Belize.
Any claimant must commence new proceedings in Belize, subject to Belize law.

EXCLUSION OF FOREIGN LAW

A trust governed by the laws of Belize or disposition of property held by the trust will
not be void, voidable, liable to be set aside or defective by reason that the laws of
any foreign jurisdiction prohibit or do not recognise the concept of a trust, or that the
laws of the Belize are inconsistent with any foreign law.

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COMMENCEMENT OF PROCEEDINGS
Any proceedings to set aside the settlement of any trust or disposition to such trust
must be commenced in the Supreme Court of Belize.

STATUTORY RIGHTS OF DELEGATION

A trustee has a statutory right to delegate its powers and functions, such as
management of trust property, including investment management, and to employ
professionals to act in relation to the affairs of the trust.

CUSTODIAN AND ADVISORY TRUSTEES

A Custodian trustee may be appointed to hold trust property
and an Advisory trustee to advise the trustee in relation to the
trust property.

GUARANTEE AGAINST EXPROPRIATION

The Belize government guarantees that there will be no
compulsory acquisition or expropriation of trust property except
in accordance with due process of law.

OTHER CONSIDERATIONS
For practical purposes the formation of an offshore holding
company underneath a trust structure offers an excellent 
vehicle for administering trust assets.  For some clients a privately
owned trustee company may have advantages.

ESTABLISHING A COMPANY OR TRUST

We operate on a “know your client “ basis and the appropriate Trust Order and
Checklist must be completed in order to commence the process. There may be
additional requirements for opening bank accounts. Costs in Belize are competitive
with the quality offshore jurisdictions.

If you want to order or get a quotation for a Belize Trust, CLICK HERE

Schedule of fees available upon request. Best rates available for professional intermediaries. Contact us today for Belize
trusts. We are located at Suite 2302-3, 23/F., Pacific Plaza, Des Voeux Road West, Hong Kong. Tel: (852) 3175-8758,
Fax: (852) 3175 8456. E-mail: enquiries@aspenoffshore.com, Website: www.aspenoffshore.com. Contact Agnes Chung
for details.

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