CIVIL LAW | TRUST | FOUNDATION |
Original source law | Common law | |
Registration with Registrar of Companies | No | Yes |
Separate legal personality | No | Yes |
Confidentiality | Records not available for public inspection | Records not available for public inspection except when authorised by Secretary of Foundation or FSC (Financial services Commission) |
Constitutive document | Trust deed | Charter and articles (if any) |
Secretary | No | Yes |
Protector | Yes, may be designated | Yes, may be designated in the charter |
Tax status | Tax exempt if non-resident | Tax exempt if non-resident |
Redomiciliation | Allowed by change of trustee and proper law | Allowed |
Asset ownership | Vested in trustee | Owns assets directly |
Management of assets | By trustee | By council and officers |
Duration | Up to 99 years for discretionary trust purpose. Trusts may have a perpetual duration. | Perpetual unless otherwise provided in the charter |
Termination | Maybe revocable or irrevocable |
FSC*: Financial Services Commission.
Applicable by comparison for Mauritius, Seychelles, Belize and BVI.