Belize Offshore Trust
Belize offshore trusts are suitable for protecting assets, planning succession and managing estate. Offshore trusts can be used alongside offshore companies in structuring an asset protection strategy to reduce on taxes and safeguard wealth from unwanted claims and lawsuits.
The Belize international trust is regulated by the Belize Trust Act, 2000, and complies with international regulations for offshore trust business. To ensure that offshore trust business is efficiently supervised, the Registrar of trusts in Belize is legally capable of conducting scheduled visits for the purpose of inspecting the financial and audit records of Belize offshore trust companies, i.e., registered trust agents, to ensure compliance with legal book keeping requirements.
To apply to register trusts in Belize, the trust agent is required to confirm that all information submitted to the Registrar of Trusts is true and correct. The prescribed fee for creating a trust must also be paid. Provided that the Registrar of trusts in Belize is satisfied that all legal requirements for creating a trust offshore Belize have been fulfilled, the Registrar of Trusts will proceed to registering the name and other relevant Belize offshore trust details on the Register of Trusts (in this case for offshore trusts, Register of International Trusts). A registration number is issued to all Belize offshore trusts. The trustees or trust agents for Belize international trusts are responsible for notifying the Registrar of International Trusts of any changes/modification made to the registration details of a Belize offshore trust.
Every deed of settlement creating an international trust shall be signed by the settlor and the trustees, and every declaration of trust shall be signed by the trustees, and such signatures, made outside Belize, shall be authenticated by the law of that jurisdiction to administer oaths.
Belize offshore trust registration is done at the International Trusts Registry.
Contents of the Register of Belize offshore trusts include:
The name of the Belize offshore trust
All relevant details of the trust’s registered agent
The date on which the Belize offshore trust was settled
The date on which the Belize offshore trust was registered
The name and other necessary particulars of the trustee
The name and any other relevant particulars of the protector
All other details that may be required
Duties of the Trust Agents of Belize International Trusts mainly include filing and recoding:
The names of offshore trusts in Belize
Settlement dates of offshore trusts that they are agents for
Original copy of document by which Belize offshore trust was created
Registration dates of Belize trusts
Names of settlor/settlors of trusts
Names of protector/protectors of Belize trusts
Name, addresses and other relevant details of Belize offshore trust beneficiaries
Initial value of trust estate/funds settled
All amendments to any Belize offshore trust, including but not limited to changes in beneficiaries, protector, value of trust estate, object/purpose of a trust etc.
Belize offshore trusts, offshore companies, and more recently, offshore foundations, in addition to offshore banking and other international financial services have been the backbone of the Belize international financial industry. Belize offshore trusts present a viable alternative to all other offshore entities for asset protection and once carefully set up and maintained fulfills its purpose(s).