1. This Act may be cited as the International Trusts Act, 1995
PART I
Interpretation
Definitions
2.(1) In this Act,
(a)"beneficiary" includes
(i) an exempt insurance company within the meaning of the Exempt Insurance Act,
(ii) an off-shore bank within the meaning of the Off-shore Banking Act,
(iii) an international business company within the meaning of the International Business Companies Act, and
(iv) a charity within the meaning of section 2 of the Charities Act, and
(v) any other person or body that the Minister specifies under subsection (2), but does not include a management company established for the purposes of the Exempt Insurance Act;
(b) "court" means the High Court;
(c) "international trust" or "trust" means a trust in respect of which
(i) the settlor is resident outside Barbados at the time of the creation of the trust and at such times as the settlor adds new property to the trust,
(ii) at least one of the trustees is resident in Barbados,
(iii) no beneficiary, other than a person set out in paragraph (a), is a resident of Barbados at the time of the creation of the trust and at such times as the settlor adds new property to the trust, and
(iv) the trust property does not include any immovable property situate in Barbados or an interest in any property so situate.
(2) For the purposes of this Act the Minister may by order specify any person or body to be a beneficiary of an international trust.
(3) For the purposes of this Act, the following are residents of Barbados, namely
(a) an individual ordinarily resident in Barbados or a citizen of Barbados with a residence in Barbados;
(b) any incorporated or other body, incorporated, registered, formed or organised in Barbados the majority of the shares or other ownership of which is not beneficially held by persons resident outside Barbados;
(c)any incorporated or other body incorporated, registered, formed or organised in Barbados and, immediately before the commencement of this Act, carrying on, in Barbados, trust business within the meaning of rule 26 of the Public Trustee Rules, 1938;
(d) a licensee within the meaning of Part III of the Financial Intermediaries Regulatory Act, 1992 carrying on, in Barbados, business as a trust company immediately before the commencement of this Act.
Trust description
3.(1) In this Act the expression "trust" means the legal relationship created when assets have been placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose.
(2) A trust has the following characteristics:
(a) the assets of the trust constitute a separate fund and are not a part of the trustee's own estate;
(b) title to the assets of the trust are held in the name of the trustee or in the name of another person on behalf of the trustee;
(c) the trustee has the power and the duty to manage, employ or dispose of the assets of the trust in accordance with the terms thereof and the special duties imposed upon him by law; and
(d) the trustee is accountable for the management and administration of the assets of the trust.
Application of Act
4. This Act applies to
(a) international trusts created after the commencement of this Act; and
(b) trusts, whether created before or after the commencement of this Act, that have all of the characteristics of an international trust, whether they are stated, in the instrument of creation, to be international trusts or not
This information was correct in October 1995
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances
