(758) 468-3200
Government Saint Lucia
 
 
 
Home
/
Departments
/
Legislative Drafting
/
Revised Laws of Saint Lucia
/
INTERNATIONAL TRUST ACT
/
19.   Protective international trusts

Revised Laws of Saint Lucia (2021)

saint Lucia
back arrow Back to Revised Laws of Saint Lucia (2021)
back arrow Back to Table of Contents

PART 4
PROTECTIVE INTERNATIONAL TRUSTS

19.   Protective international trusts

  1.  

    (1)   The terms of an international trust may make the interest of any beneficiary—

    1.  

      (a)     subject to termination upon the happening of a specified event;

    1.  

      (b)     subject to diminution, suspension or termination in the event of the beneficiary becoming insolvent or any of his or her property becoming liable to seizure or sequestration for the benefit of creditors; or

    1.  

      (c)     subject to a restriction on alienation of or dealing in that interest,

  1.  

    and in such a case the international trust shall be known for the purposes of this Act as a protective international trust.

  1.  

    (2)   Where any property is held on a protective international trust for the benefit of a beneficiary, the trustee shall hold the property attributable to the interest of such beneficiary—

    1.  

      (a)     in trust to pay the income to the beneficiary until the interest terminates in accordance with the terms of the protective international trust; and

    1.  

      (b)     where the terms of the protective international trust do not provide otherwise, if a determining event occurs while the interest of the beneficiary continues, to pay the income and subject to the terms of the trust, the capital, to such of the following, and if more than one, in such shares as the trustee in his or her absolute discretion shall appoint—

      1.  

        (i)     the beneficiary or any spouse or child of the beneficiary, or

      1.  

        (ii)     if there is no such spouse or child of the beneficiary, the person who would be entitled to the estate of the beneficiary if he or she had then died intestate and domiciled in Saint Lucia.

  1.  

    (3)   In subsection (2), a “determining event” shall mean the occurrence of any act or omission which would result in the capital or any income of the protective trust becoming payable to any person other than the beneficiary.

Address

2nd Floor Francis Compton Building, 
Waterfront,
Castries, Saint Lucia

Need help?

Site Map

HomeAbout AG OfficeDepartmentsAccessibilityContact Us

Quick Links

Inland Revenue Department of Government of Saint Lucia (IRD)Government of Saint Lucia Citizenship by Investment Financial Intelligence Authority

Important Links

CARICOMOECSFSRA
 
© 2024 Attorney General's Chambers
Site by