Belize offshore provides a convenient offshore trust. Such trust in Belize must meet the following conditions:
1. The founder of the Trust is not a resident of Belize;
2. The Company has non-resident beneficial owners;
3. Belize’s land is not included in the trust property;
4. The legislation of Belize was chosen as the regulator;
5. If this is the goal trust, goal must not be in Belize.
Offshore trust registration process requires data on the name of the trust, establishing and registration date, as well as information on the trustees, protectors and the trust agent.
For the trust registration is required to submit an application and a written confirmation from the agent. Registration results as a certificate of registration. It should be noted that the recorder does not ask to submit information about beneficiaries and incorporation documents.
Belize trust legislation is flexible enough. Information about the trust beneficiaries, the founders and assets is confidential, at the same time trust representatives may receive objective and adequate information on the financial position of the trust.
Information that is stored at the company-registrar may be disclosed only upon written consent of the trustee’s agent or attorney, or if it is necessary for authorized state bodies, the registrar has received a written request from the authorized persons. At the same time, information on the beneficiaries and the founder is stored only on the trustee and is strictly confidential.
Belize has a very sensitive treatment of offshore trusts protection- it is one of the few countries to apply measures to protect the trust of “the property from the creditors’ fraud”. It includes different types of protection from lawsuits, especially spouses, creditors and heirs, and to some extent from various deceptions, errors, imprisonments and other activities.
In reality, this means that the courts in Belize does not take into account the validity of claims against the trust estate, reviewing cases on the property after marriage, inheritance or creditors’ action.
Body issuing the operating license to a trust and overseeing the work of the trustee in Belize is the Financial Services Committee. This authority shall supervise and regulate the offshore companies. In order to receive a license for international activities, it is necessary to the committee demonstrate competence and consistency in areas such as staff development, financial control activities, as well as adequate capitalization.
Taking into account the specific characteristics of a trust, it is exempt from the obligation to pay corporate tax and government fees. As well as now Belize trusts are exempt from income tax, as well as foreign currency exchange controls.
Maximum trust term of existence is 120 years since its founding. Income may be accumulated for its entire duration.