Belize: Types of Company
Belizean trusts are governed by the Trusts Act, 1992, which was designed to incorporate modern and flexible asset protection provisions. A validly set up Belize trust may not be set aside on the basis of claims from creditors in another jurisdiction, or the order of a foreign court on account of divorce, bankruptcy, etc.
The Act provides for the creation of a trust (other than a unit trust) by oral declaration, an instrument in writing (including a will or codicil), conduct, operation of law, or in any other manner whatsoever. A unit trust, however, may only be created by an instrument in writing. A trust (other than a constructive trust) over land situated in Belize is not enforceable unless evidenced in writing.
Registration of trusts is optional. Either the settlor or a trustee may apply to the Registrar. If a trust is registered, a certified copy of the instrument creating the trust (if any) needs to be submitted. The Register is not open for inspection except when the trustee of a trust (in writing) authorises a person to inspect the entry of that trust on the Register.
The maximum duration of a trust (other than charitable trusts) under Belize law is 120 years from the date of its creation. Trust income may be accumulated for a period not exceeding the maximum duration of the trust.