Revised Laws of Saint Lucia (2021)

2.   Interpretation

In this Act—

“beneficial owner” means—

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   (a)     a settlor;

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   (b)     a registered trustee;

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   (c)     a protector;

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   (d)     a beneficiary; or

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   (e)     a natural person who ultimately owns or controls a trust;

(Inserted by Act 15 of 2018)

“beneficiary” means a person entitled to benefit under a trust, or in whose favour a power to distribute trust property may be exercised;

“certificate of registration” means certificate of registration issued under section 9;

“charitable international trust” means a charitable international trust as described in Part 5;

“charitable purpose” shall be construed in accordance with the provisions of Part 5 of this Act;

“competent authority” means the competent authority under the Automatic Exchange of Financial Account Information Act, No. 22 of 2016; (Inserted by Act 15 of 2018)

“Court” means the High Court of Saint Lucia;

“creditor” means a person to whom a financial obligation is owed;

“Deputy Registrar” means a Deputy Registrar of International Trusts designated under section 5;

“insolvent” means being unable or having no reasonable prospect of being able to pay debts as and when they become due;

“international business company” means a company incorporated or continued under the International Business Companies Act;

“International Business Companies Act” means the International Business Companies Act 1999, No. 40;

“international trust” means a trust—

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   (a)     which is created by an instrument in writing;

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   (b)     in respect of which at all times at least one of the trustees is a registered trustee;

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   (c)     in respect of which the trust property does not include any real property situated in Saint Lucia or an interest in any real property situated in Saint Lucia; and

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   (d)     which is registered under this Act;

“minor” means a person who has not attained full age under the proper law of the particular trust;

“Minister” means the Minister responsible for International Financial Services;

“person” includes a natural person, company, partnership, limited partnership or other body corporate or unincorporated body;

“personal representative” means the executor or administrator of the estate of a deceased person;

“prescribed fees” means fees prescribed in the regulations;

“property” means property of any description, including rights and interests whether vested contingent defeasible or future, wherever situated, including any share or interest therein, but excluding any real property situate in Saint Lucia;

“protector” means a protector appointed under section 23;

“protective international trust” means a protective international trust as described in Part 4;

“purpose international trust” means a purpose international trust as described in Part 6;

“records” includes any underlying documentation, accounting record, ownership information, accounts, books and documents kept and maintained to prepare tax returns and financial statements, including a general or subsidiary ledger, a sales receipt or an invoice; (Inserted by Act 11 of 2015)

“Register” means the register to be maintained under section 9;

“Registered Agent and Trustee Licensing Act” means the Registered Agent and Trustee Licensing Act, 1999 No. 37;

“registered trustee” means a person holding a valid licence under the Registered Agent and Trustee Licensing Act to act as a trustee for international trusts;

“Registrar” means the Registrar of International Trusts designated under section 5;

“regulations” means regulations made under section 56;

“relatives” in relation to a person means that person's father and mother, spouse, the father and mother of his or her spouse, his or her brothers and sisters, the brothers and sisters of his or her spouse, his or her children and remoter issue and the spouse of such children and issue;

“repealed Act” means the International Trusts Act 1999;

“resident” means any person, trust, company, partnership, limited partnership or other entity whether incorporated or un-incorporated which is resident in St. Lucia as defined in the Income Tax Act;

“settlor” means a person who makes a disposition of property on or to a trust;

“tax” includes, stamp duty, levy, excise tax, income tax, capital gains tax and rates;

“trust property” means property held on trust;

“ultimately own or control” means direct or indirect ownership or control of twenty-five per cent or more of shares, voting rights or ownership interest in an international trust; (Inserted by Act 15 of 2018)

“underlying documentation” means any medium by which information is recorded in relation to a transaction or other business relation and includes an invoice or contract. (Inserted by Act 11 of 2015)

(Amended by Act 21 of 2003)