Abacus (seychelles)Ltd.

Trusts:

The basis of trust law rests on the concept of “dual ownership” – namely that the legal title to assets is vested in one person (the trustee) while the beneficial ownership of those same assets is vested in another person or persons (the Beneficiary). The trustee is bound by a fiduciary duty to exercise that legal control for the benefit of one or more individual or organizations who are the beneficiaries. The beneficiary holds the beneficial or equitable title. The trust is governed by the terms of the trust instrument and proper law.

Authority Type of Law	Governing Trust is SIBA Statutes, common law, and equity
Settlor	Cannot be resident If non resident, he can be national A domestic company cannot be a settler An international company (IBC) can be a settlor Non residents can make additions to trusts property
Trustee	One corporate or two individual trustee required A local trustee is required A settlor can be a trustee A majority of trustee can be a non resident Change in the forum of administration of trust is permitted
Beneficiaries	Minimum one beneficiary required A settlor/Trustee can be a beneficiary but not sole beneficiary Addition or removal of beneficiary is permitted
Confidentiality	No filing with SIBA required Trust register is not accessible to public No disclosure of names of settlor or beneficiaries to regulator required unless court orders
Duration of Trust	Charitable purpose trust is for perpetuity Maximum duration of other trust is for 100 years Premature termination of trusts is permitted
estriction on Trusts Assets/Investments	Local immoveable property not permitted Shares of resident company as its assets not permitted Local quoted securities and other local investments not allowed
Advantages of Trust	Asset protection Confidentiality and continuity Retention of control by settlor Protective/Spendthrift provision Tax minimization Family and succession planning
Taxation	No tax on foreign income Taxation of local income derived in trusts jurisdiction depends on the law of that jurisdiction
Annual Requirements	Filing of the tax statements No annual audit requirements required No filing of accounts No public access to records
DTAA access	Nil