Establishing Your Foundation
Zetland is able to assist with the establishment of foundations in Belize, whether it is for protection of personal wealth from financial and political instability of your local jurisdiction, tax planning for inheritance assets or estate management.
The structure of the Belize International Foundations is very similar to that contemplated for trusts and their administration. The crucial difference lies in the fact that a foundation in contrast to a trust enjoys legal personality and may be set up by unilateral declaration of the founder and the assets of the foundations only need to be endowed rather than be transferred physically. For clients in civil law countries this is of importance as the concept of a trust is not validly recognized and courts may not recognize transfer of assets such as real estate into a trust but they may recognize transfers into foundations.
Belize Foundations are exempt from business tax and offer a no tax haven for offshore investors. Not to mention the high level of anonymity offered by the jurisdiction and its geographical location is well placed in terms of access and international relations to other jurisdictions worldwide. A Belize Foundation is established upon proper execution of a foundation charter or equivalent document, by a founder and the members of a foundation council, by which a founder makes a disposition of rights, title or interest in property to the foundation for a specific purpose. Some potential uses of foundations are for succession planning and wealth management, discrete structures, discretionary benefits, and charitable or non-charitable purposes.
See below a list of features in accordance to the International Foundations Act, 2010 of a Foundation:
- it is established notwithstanding any foreign law, rule or regulation
- the foundation shall not be void or voidable due to the fact that it is voluntary and without valuable consideration being given for a disposition to a foundation or to it being established for the benefit of the founder, or the founder’s spouse or children
- the foundation endowment shall not be subject to transfer, encumbrance or other restraint solely because of the founder’s bankruptcy, liquidation or insolvency in any action or proceeding at suit of a bankruptcy trustee, receiver or creditor of the founder’s bankruptcy estate
- provides additional protection where it concerns the subject of bankruptcy
For further information, please feel free to contact Anju Gidwani, Director of the Belize Office (anju@zetland.biz) or +501 223 1037
|
