INTERNATIONAL TRUSTS ACT, 1994 (Act 26 of 1994)

AN ACT to make provisions for International Trusts in Seychelles

ENACTED by the President and the National Assembly -

PART I

PRELIMINARY

1. This Act may be cited as the International Trusts Act 1994, and shall come into operation on such date as the Minister may appoint by notice published in the Gazette.

2. In this Act -

"Authority" means the Authority referred to in section 78;

"beneficiary" means a person, whether natural or corporate, entitled to benefit under an international trust, or in whose favour a power to distribute trust property may be exercised;

"body corporate" means a company, partnership, or association incorporated under the laws of Seychelles;

"breach of trust" means a breach of any duty imposed on a trustee by this Act or by the terms of the trust;

"charitable international trust" means a trust referred to in section 13;

"constructive trust" means a trust referred to in section 48;

"corporate trustee" means a body corporate acting as trustee of an international trust;

"court" means the Supreme Court;

"financial institution" means an institution in terms of the Financial Institutions Act, 1984;

"foreign trust" means a trust the proper law of which is a law other than a law of Seychelles;

"immovable property" includes rights and interests in any immovable property, shares or interest in a body corporate owning immovable property or interests in such property;

"interest", in relation to a beneficiary, means the interest of the beneficiary under an international trust;

"International Business Company" means a company incorporated under the International Business Companies Act, 1994;

"minor" means a person who has not attained the age of eighteen;

"person interested," in relation to a power to apply to the court, means the Attorney-General, a trustee, a settlor, a beneficiary of the relevant trust, any person empowered by the terms of the trust to make such application, or any other person with leave of the court;

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

"profit" includes gain or advantage;

"property" includes movable and immovable property, rights and interests in the property whether vested, contingent, defeasible or future;

"purpose international trust" means a trust referred to in section 14;

"registered declaration of trust" means a declaration of trust registered under section 75;

"resident" means -

(a) in relation to an individual, a person who is domiciled in Seychelles;

(b) in relation to a body corporate, a body incorporated or registered under the laws of Seychelles;

"settlor" means a person who provides trust property or makes a testamentary disposition on trust or to a trust;

"terms of a trust" means the written or oral terms of an international trust;

"trust" means a legal relationship which arises where property is vested or deemed to be vested in, or is held by or deemed to be held by, but does not form part of the estate of, a person known as a trustee -

(a) for the benefit of another person known as a beneficiary, whether or not yet ascertained or in existence;

(b) for a charitable purpose or for any other purpose which is not for the benefit only of the settlor or the trustee, including for the purpose of -

(i) trading (commercial trust);

(ii) dealing with life insurance (life insurance trust);

(iii) managing cash deposits (cash deposit trust);

(iv) managing provident funds, pension funds, employee end of service benefit scheme and employee stock option plans.

3. This Act applies to international trusts arising voluntarily or resulting by operation of law or by a decision of the court.