What are the benefits of a Belize Offshore Trust?:
- Where the Settlor and Beneficiaries are non-resident and the trust property does not include any land in Belize, the trust is exempt from income tax, succession tax and stamp duty,
- All trusts other than unit trusts may be created by oral declaration or by instruments in writing,
- Settlor can, in the trust instrument, choose the governing law of the trust and may provide for several aspects of the trust to be governed by different laws,
- No exchange control restrictions,
- 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,
- Trusts may be created for a maximum of 120 years and income may be accumulated for a similar period,
- 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,
- Only one trustee is required. Simple procedures are given for the appointment and removal of trustees. Corporate trustees may be appointed,
- Registration of the Trust is optional,
- Charitable and non-charitable purpose trusts may be created,
- Trustees are personally liable for loss, depreciation in value of trust assets or loss of profits consequent on a breach of trust. However, in the case of a corporate trustee the directors are not personally liable,
- Persons who receive property or income with knowledge of breach of trust are constituted constructive trustees thereof.
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