Barbados International Trust
Trusts in Barbados are governed by English common law and by the Trustees Act Cap 250 as amended, which deals with the powers of trustees. There is no registration requirement or stamp duty; trustees can be non-resident as long as one is resident. A resident corporation acting as trustee must be licensed under the Offshore Banking Act. Exchange controls apply to local trusts. The International Trusts Act 1995 introduced purpose trusts and asset protection trusts, as well as strengthened protection against forced heirship provisions, non-recognition of foreign judgements, and protection against creditors.
Key Features
|
Barbados International Trust |
Corporate Details |
| General | |
|
International Trust |
|
Follow English Common law |
|
Barbados Trustees Act Cap 250 |
|
2 weeks |
|
None |
|
No |
|
Yes |
|
100 years (except: charitable international trust or a purpose international trust) |
|
No |
|
As per Trust Deed |
|
Settlor |
|
|
Should not be a resident of Barbados |
|
A trustee, a beneficiary or a protector of the trust. |
|
Beneficiary |
|
|
Should not be a resident of Barbados |
|
A trustee, a beneficiary or a protector of the trust. |
|
Should not include immovable property situated in Barbados |
|
Barbados Supreme Court |
|
No |
|
Trust asset |
|
|
No, except property situated Barbados |
|
Trustee |
|
|
1 if corporate and 2 or more if not corporate |
|
1 Domestic trustee is required |
|
Accounts |
|
|
Yes |
|
No |