Kenya has established a new legal framework for family and
non-charitable trusts to accumulate and preserve wealth for
multiple generations. This means that individuals now have an
opportunity to keep wealth in Kenya as opposed to establishing
overseas trusts which are costly to establish and maintain.
Historically, individuals have preferred to set up family trusts
in offshore jurisdictions such as Jersey, Isle of Man and the
British Virgin Islands, which have well-established trust laws.
The Trustee (Perpetual Succession) (Amendment) Act, 2021
received presidential assent on 7 December 2021. The Amendment Act
introduces some changes to the Trustee (Perpetual Succession) Act
("TPSA") which mainly dealt with the
registration of trusts that were mainly established for religious,
educational, literary, scientific, social, athletic or charitable
purposes.
