Belize Trust
About Belize
Located on the northeastern coast of Central America, Belize boasts magnificent Caribbean beaches while the mainland is covered in mountains and lush tropical jungles.
With its´ sound judicial history, Belize offers a politically and economically stable environment with a pro-business and open borders approach. Governed by 1992 Trust Act 202, as amended and Trust Amendment Act 2007, as amended, Belize offers one of the strongest and most adaptable trust laws for privacy and asset protection.
Prime Minister:
Johnny Briceño
Government:
Parliamentary democracy and constitutional monarchy
Economy:
Agriculture, tourism, and offshore financial services
Currency:
Belize Dollar
Capital City:
Belmopan
Population:
less than 400,000
Language:
English, Spanish, and Creole
Members of:
Organization of African, Caribbean, and Pacific Group of States,United Nations, Commonwealth
Belize Trust
A trust is a fiduciary relationship between 3 to 4 parties – the settlor, trustee, beneficiaries and some cases, a protector – where a legal agreement is established. This legal agreement is known as the Trust Deed where the settlor transfers assets to the trustee and defines the objectives as well as the terms and conditions for how the assets are to be managed and distributed to the beneficiaries.
Benefits
With the strong asset protection legislation, Belize helps prevent litigation before it even begins. As Belize does not recognize foreign judgments, creditors will be faced with strong barriers to bringing a legal dispute against the Belize Trust:
Fraudulent
Conveyance
There is no minimum period of time in which proceedings against fraudulent conveyance can be brought against the settlor.
Freezing
Order Ban
Opponents can request a Mareva Injunction, freezing the trust´s assets. While many common law jurisdictions recognize injunctions, Belize does not allow asset freezing orders.
Belize
Court
Physical presence is required to bring legal action against a Belize Trust and must be tried in a local court through a local attorney.
Characteristics
Process
1. While many offshore jurisdictions offer similar advantages and benefits, there is no one-jurisdiction-fits-all. Our advisors will discuss your needs and goals and ask you the right questions to help determine which jurisdictions are right for you.
2. Defining the objectives of the trust will help establish which legal structure is right for you. Our advisors will assist in setting up the Trust deed in accordance with the settlor´s wishes.
3. Choosing an offshore trust company is key in establishing a well-defined trust that adheres to local laws and offers the trust the most protection and privacy. As this is an ongoing relationship, it is advisable to set up an offshore trust with a reputable and trusted firm.
4. Each jurisdiction will have its own setup process and set of due diligence processes. Requirements typically include fulfilling KYC (Know Your Client) by proving your identity with proof of address, and providing the trusts´ information to draft the trust agreement.
5. Once the required documentation is received, the provider can then file the trust deed, making the trust legal and operational. The trustee, beneficiaries, and protector if applicable are appointed accordingly to the trust agreement.
6. The settlor’s assets are transferred to the trust granting the trustee legal ownership to acts in accordance with the trust deed.
7. The trustee manages the assets in the best interest of the beneficiaries and distributes income in accordance with the Trust Deed. If appointed, the protector can advise the trustee on how to protect the asset and distribute income to the beneficiaries.
8. Expenses including maintenance fees as well as any tax expenses incurred by the assets must be paid and maintained. Trustees must act in accordance with the Trust Deed and the protector can step in on behalf of the beneficiaries if needed.
Choose your jurisdiction
While many offshore jurisdictions offer similar advantages and benefits, there is no one-jurisdiction-fits-all. Our advisors will discuss your needs and goals and ask you the right questions to help determine which jurisdictions are right for you.
Choose the legal structure
Defining the objectives of the trust will help establish which legal structure is right for you. Our advisors will assist in setting up the Trust deed in accordance with the settlor´s wishes.
Choose your professional provider
Choosing an offshore trust company is key in establishing a well-defined trust that adheres to local laws and offers the trust the most protection and privacy. As this is an ongoing relationship, it is advisable to set up an offshore trust with a reputable and trusted firm.
Fulfill due diligence
Each jurisdiction will have its own setup process and set of due diligence processes. Requirements typically include fulfilling KYC (Know Your Client) by proving your identity with proof of address, and providing the trusts´ information to draft the trust agreement.
Draft and execution
Once the required documentation is received, the provider can then file the trust deed, making the trust legal and operational. The trustee, beneficiaries, and protector if applicable are appointed accordingly to the trust agreement.
Transfer of assets
The settlor’s assets are transferred to the trust granting the trustee legal ownership to acts in accordance with the trust deed.
Duties
The trustee manages the assets in the best interest of the beneficiaries and distributes income in accordance with the Trust Deed. If appointed, the protector can advise the trustee on how to protect the asset and distribute income to the beneficiaries.
Maintenance of Trusts
Expenses including maintenance fees as well as any tax expenses incurred by the assets must be paid and maintained. Trustees must act in accordance with the Trust Deed and the protector can step in on behalf of the beneficiaries if needed.
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