The Cook Islands low-risk approach to banking also enforces strict client confidentiality. At no time will the Bank discuss with an overseas third party the details of a client’s holdings, or even acknowledge the existence of such account, without the express prior permission of the client. At no time do we place the client at risk .Giving you the client a confidential banking system you deserve.
Creation of Trusts
The Act provides for the creation of trusts either via oral declaration or trust instrument. The proper law may be stated by the trust but where it does not, the closest law to which the trust has connection at the time of creation is deemed to be the proper law.
Removal of Rule Against Perpetuities
The Act removes the rule against perpetuities concerning trusts thus allowing a 120 year maximum for non-charitable trusts while charitable trusts may be established for an unlimited duration.
Assets of the trust are highly insulated against court order and several Belizean laws as no Belizean court can set aside a Belizean trust or vary its terms. Claims against the trust property based on foreign laws are also not recognized by the courts in Belize.
Settlors, Beneficiaries and Purposes
The Act permits the settlor to be the beneficiary of a spendthrift trust while also permitting the settlor to be the protector or trustee of the trust. Charitable and non-charitable trusts may be created under the law.
Protectors and Trustees
The law allows for the appointment of a protector and this may be the settlor, beneficiary or trustee. There can be a minimum of one and maximum of four trustees. The conditions for removal and resignation of trustees are set out in clear detail by the Act in addition to their implied powers as well as remuneration.
Breach of Trust
The Act makes trustees personally liable for breach of trust in instances of loss, depreciation in value or loss of profits arising as a result of said breach although directors are not personally liable where it is a corporate trust.
A non-common law settlor may create a trust that is founded on his own nationality, religion or law although its recitation must state that it is a trust therefore, one approved as evidenced by being Gazetted.