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Annual legal requirements of maintaining a trust in Belize

 
Maintaining a Trust in Belize

Annual legal requirements of maintaining a trust: Belize is established as one of the leading offshore locations in the world for a trust, a status gained as a result of the 1990 International Business Companies Act. This incorporated the most secure features of offshore trusts found in more traditional locations, such as Hong Kong and Panama.

Added to this, the Belize Trust Act, one of the most innovative pieces of legislation of its kind in the region, is specifically designed to meet the needs of the global investor. The law relating to establishing a trust in Belize was designed to offer low start-up and maintenance costs, enabling it to be competitive with other offshore locations. It is broadly based on the Guernsey Trusts Law of 1989, but with some modifications.

With no minimum capital requirements, there's no need for audited accounts and there are no annual returns. There's also no requirement for an annual general meeting, nor for a local trustees.

Subsequently, the annual running costs for a trust in Belize are relatively low. A trust registered in Belize must conduct its profit-earning activities outside the country, but can lease local office space.

All offshore trusts registered in Belize must pay an annual renewal fee to the Belize government. The annual renewal fee is a fixed amount, starting from the second calendar year after the registration, due before 31st July each year.

It's normally payable at the same amount as the first-year government fee for incorporation. In addition, annual service fees must be paid for the registered agent and address services. Offshore trusts formed under Belize law are exceptionally secure, with none ever having been compromised. Here at Coddan Formations Agency, we offer a diverse range of post-registration services for anyone who has registered their trust in Belize.

We have been operating in Belize for a number of years and our experience of post-registration maintenance of trusts is extensive. We have an excellent network of local contacts and understand how things work there, providing a range of support for your offshore business in Belize.

Current Belize legislation states a trust can endure for a maximum of 120 years, ensuring the longevity of your trust, for you and your dependants. Contact Coddan today for more information.