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Home Trust Services Asset Protection via an Off-Shore Trust in Belize Legal Requirements of Setting Up an Offshore Trust in Belize

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The legal requirements of setting up an offshore trust in Belize

 
Registering a Trust in Belize

The legal requirements of setting up an offshore trust in Belize: in terms of asset protection, the laws that govern offshore trusts in Belize are considered to be among the most advantageous in the world. Establishing a Belize offshore trust on behalf of a client is a straightforward matter for Coddan Formations Agency's expert team, but there are a number of legal requirements that need to be fulfilled.

As trust registered agent, Coddan will first ensure that the proposed trust meets the qualification criteria. Neither the settlor, who is the person transferring assets to the trust, or any of the beneficiaries of the trust can be a Belize resident.

Nor can any property included in the trust be located anywhere in Belize. If the trust is a purpose trust then that purpose cannot be sought, or carried out, in Belize.

The trust must be setted up, and maintained, under the Belize legal rules. This means a written application must be correctly filed then registered with the Belize Register of International Trusts in order for a certificate of registration to be issued.

The registry will register and maintain records which state the name of the trust, the date of its registration and the date of its settlement. The records will also disclose the name of the trustee as well as the name and address of the trust agent.

If there is a protector, a person the settlor has chosen to supervise the trustee's control of the assets, then he or she will be named too.

The Register of International Trusts in Belize does not ask for information regarding the settlor of the trust, its beneficiaries, its assets or its purpose. In fact, the registry does not even require the trust deed itself to be filed.

However, Coddan Formations Agency is legally obliged to confidentially hold the trust deed and any amendments that are later made to it. Coddan will also need to file the following details: the name of the settlor; the name and address of any beneficiaries; the assets originally transferred to the trust and any assets later transferred.

The advantages of a Belize offshore trust are clear: simplicity, confidentiality, flexibility and enforceability. To find out more about the benefits specific to you, or your particular assets, contact Coddan today.