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ST. VINCENT & THE GRENADINES
OFFSHORE INCORPORATION SERVICES
TRUST FORMATION IN
ST. VINCENT & THE GRENADINES
TRUSTS
Trust deeds are registered in a confidential government Trust Registry, whereupon an official Certificate of ‘Registration is issued to the Settler/Grantor.
A duly registered trust will not be rendered unenforceable because it was invalid under the laws of the Settler/Grantor’s domicile or residence. Thus, forced heirship law and community property regimes can be avoided.
The traditional rule against perpetuities and the rule against accumulations are modifies and clarified.
Purpose trusts, which are created for a specific purpose but without named beneficiaries, are allowed and statutorily prescribed.
The role and duties of protectors are specifically set out and clarified to account for recent case law.
Choice-of-law and conflicts-of-laws issues are anticipated and resolved in favour of the provisions of the International Trust Act.
A foreign (non-Vincentian) judgment against a registered International Trust (or its settler or beneficiaries) is not enforceable in Saint Vincent if the judgment was based on law inconsistent with the International Trust Act, 1996.
Actions against registered international trusts must be commenced within two years from date of creation of the trust.
A complaining creditor may satisfy his claim against the property of a registered international trust only if that creditor can show both that the Settlor/grantor’s principal interest in creating the trust was to defraud him, that the disposition of property to the trust rendered the settler/grantor insolvent.
Traditional fraudulent conveyance laws (Statute of Elizabeth) are not applicable to registered international trust.
The bankruptcy or insolvency of the settler/grantor under the laws of his residence or domicile will not affect a registered international trust.
An international trust may own one or more Saint Vincent International Business Companies.
Registered trustees fall within the definition of ‘financial institutions’ of the Proceeds of Crime Money Laundering Prevention Act 2001 and are thereby subject to its anti money laundering requirements.
IMPORTANT FACTS CONCERNING
SAINT VINCENT
INTERNATIONAL TRUSTS
Trust Deeds are registered in a confidential Government Trust Register, whereupon an official Certificate of registration is issued to the Settlor/Grantor.
A duly registered trust will not be rendered unenforceable because it was invalid under the laws of the Settlor/Grantor's domicile or residence. Thus forced heirship law and community property regimes can be avoided.
The traditional rule against perpetuities and the rule against accumulations are not applicable to international trusts formed in this jurisdiction.
Purpose trusts, which are trust for a specific purpose but without named beneficiaries, are allowed and statutorily prescribed
The role and duties of protectors are specifically set out and clarified to account for recent case law
Choice of law and conflicts of laws issues are anticipated and resolved in favour of the provisions of the International Trust Act.
A foreign (non-vincentian) judgment against a registered International Trust (or its Settlor or beneficiaries) is not enforceable in Saint Vincent if the judgment was based on law inconsistent with the International Trusts Act, 1996.
Actions against registered International Trusts must be commenced within two years from the date of creation of the trust
A complaining creditor may satisfy his claim against the property of a registered international trust only if that creditor can show both that the Settlor/Grantor's principal interest in creating the trust was to defraud him and that the disposition of property to the trust rendered the Settlor/Grantor insolvent.
Creditors must deposit US $25,000.00 with the courts of Saint Vincent prior to commencing an action against a registered International Trust or its property, if the creditor is unsuccessful in the claim, the money may be used to pay the costs and expenses of the trust in defending the action
Traditional fraudulent conveyance laws (Statute of Elizabeth) are not applicable to registered International Trusts.
Unauthorized disclosures of trust information are punishable under strong criminal laws.
The bankruptcy or insolvency of the Settlor/Grantor under the laws of his residence or domicile will not affect a registered international trust.
An International Trust may own one or more Saint Vincent.
For incorporation fees of a Trust in St. Vincent & the Grenadines, please contact us.
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