- Short title
- Interpretation
- Validity of
an international trust
- Presumption
against avoidance of an international trust
- Duration of
an international trust
- Validity of
direction for the accumulation of income
- Charitable
trusts and purpose trusts
- Authorised
investments
- Power to
change the applicable law of an international trust
- Variation of
an international trust by the Court
- Confidentiality
relating to international trusts
- Taxation of
international trusts
- Application
of this Law
- Saving
of existing laws
- Registration
not compulsory
- Short title
- Interpretation
- Validity of
an international trust
- Presumption
against avoidance of an international trust
- Duration of
an international trust
- Validity of
direction for the accumulation of income
- Charitable
trusts and purpose trusts
- Authorised
investments
- Power to
change the applicable law of an international trust
- Variation of
an international trust by the Court
- Confidentiality
relating to international trusts
- Taxation of
international trusts
- Application
of this Law
- Saving
of existing laws
- Registration
not compulsory
3. Validity
of an international trust
1)
A settlor who transfers or who in whatever manner disposes of
assets to an international trust shall be deemed
to have the capacity to do so, if at the time of such transfer
such person is of full age and of sound mind, under the law of the country of which he is
permanent resident. The law relating to
inheritance or succession in force in the Republic or in any other country shall not
affect in any way the transfer or disposition referred to above or the validity of the
international trust.
2) An
international trust shall not be void or voidable in the event of the
settlor’s bankruptcy or liquidation of his property or in any action or proceedings
against the settlor at the suit of his creditors notwithstanding any provisions of the law
of the Republic or of the law of any other country and notwithstanding further that the
trust is voluntary and without consideration having been given for the same, or is made
for the benefit of the settlor, the spouse or children of the settlor or any of them,
unless and to the extent that it is proven to the satisfaction of the Court that the
international trust was made with the intent to defraud the creditors of the settlor at
the time of the transfer of his assets to the trust.
The onus of proof of such intent on the part of the settlor lies with such
creditors.
3) An
action against a trustee of the international trust pursuant to the provisions of
subsection (2) is brought within a period of two years from the date when the transfer or
disposal of assets was made to the trust.
 
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