(PART OF THE ASIACITI GROUP)
Whereas domestic trust legislation provides only for the creation of express trusts, the Offshore Trust Act 1992 [as amended] ["the Act"] provides for the registration of several types of offshore trusts. The Act provides that an offshore Trust may be a protective or discretionary trust, an asset protection trust, a charitable offshore trust, a purpose offshore trust, a commercial or trading trust or a unit trust.
CHARITABLE OFFSHORE TRUST:
An offshore trust is considered to be a charitable trust where the trust has as it main purpose or object one or more of the following:
- the relief of poverty
- the advancement of education
- the advancement of religion
