(1) Despite any provision to the contrary contained in the Income Tax Act, an international trust shall be exempt from—
(a) all income tax;
(b) all estate inheritance, succession, and gift tax payable with respect to the trust property;
(c) stamp duty with respect to all instruments relating to the trust property or to transactions carried out by the trustee on behalf of the trust;
(d) all exchange controls.
However, where the income of the trust, other than interest from regular bank accounts or portfolio investments of securities held by the international trust in Saint Lucia, either accrues or is derived inside Saint Lucia that income shall be subject to tax.
(2) Despite any provision to the contrary contained in the Income Tax Act, a beneficiary of an international trust shall be exempt from all taxes except where the beneficiary is a resident of Saint Lucia, any distribution to that beneficiary will form part of his or her assessable income.
(3) For the purposes of the following subsections—
(a) a qualifying trustee is a company incorporated under the International Business Companies Act or a registered trustee licensed under the Registered Agent and Trustee Licensing Act;
(b) a Saint Lucia trust is a trust expressed to be subject to the Laws of Saint Lucia whether or not registered under this Act.
(4) For the purposes of the following subsections—
(a) shares in an international business company;
(b) dividends, distributions, payments or other transfers from an international business company;
(c) rights or property of an international business company; or
(d) property transferred from another Saint Lucia trust,
shall not be considered to be property situate in or be income or gains which have arisen in or been derived in Saint Lucia.
(5) Where a qualifying trustee is a trustee of a Saint Lucia trust wherever resident, the provisions of the Income Tax Act shall not apply to any property which is the subject of the Saint Lucia trust, or the income or gains thereon, or to the trustees of the Saint Lucia trust, or to the settlors or beneficiaries thereof who are non resident except—
(a) income or gains arising or derived from Saint Lucia;
(b) property situate in Saint Lucia.