International Trusts
Summary
The ITA has very aggressive asset protection provisions that provide legislation specificity and certainty for professionals and end user clients.
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There are three
types of trust that may be formed under the Act:
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Very aggressive
asset protection provisions. The limitation period for bringing a challenge is
two years from the date of settlement of the trust or the disposition in
question. |
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There is a
perpetuity period of 120 years for Protective Trusts. |
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Charitable trusts
and Non Charitable trusts are not subject to any perpetuity period. |
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There are provisions
that exclude forced heirship provisions and community of property laws.
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The act permits the
settlor to examine some control over the trust, including the power to revoke
the trust, the power to amend the trust, the power to appoint and direct the
trustee and the protector. |
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Only the name of the
trust and the registered office and a certificate from an attorney certifying
that the trust will be an international trust. |
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The identity of the
settlor and the trust instrument are confidential as they do not need to be
filed. |
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The Statute of
Elizabeth does not apply. |
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The proper law of
the trust may be the law of St. Lucia, or any law specified in the Trust
instrument. |
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The act provides for
the proper law of the trust to be changed. |
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Laws of foreign
jurisdictions and foreign judgements are not recognised in relation to trust
property. |
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Any challenge to a
trust under the act requires a US $25,000 deposit for security for
costs. |
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In proceedings to challenge the validity of a disposition the onus of proof lies on the creditor and the required standard of proof is beyond reasonable doubt. |