Interpretation in this Part

(1) In this Part, unless the context otherwise requires“Commission” means the International Financial Services Commission established under the International Financial Services Commission Act; “dollar” means dollar in the currency of the United States of America; “international trust” or “offshore trust” means a trust where– (a) the settler is not resident in Belize; (b) none of the beneficiaries is resident in Belize; (c) the trust property does not include any land situated in Belize; (d) the law of Belize is selected as the proper law of the trust; and (e) in case of a purpose trust, the purpose or object of the trust is to be pursued or performed outside of Belize, 52 “IFS Practitioner” shall have the meaning assigned to it in section 2 of the International Financial Services Commission Act; CAP. 272. “Minister” means the Minister for the time being responsible for international financial services; “Protector” means the person appointed by the settlor to intercede between the trustees, settlor and beneficiaries; “Register” means the Register of International Trusts maintained under section 65A; “Registrar” means the Registrar of International Trusts; and “Trust Agent” means Trust Agent of an international trust appointed under section 65E by the trustee of an International (2) In this section,” resident” shall mean resident for the purposes of the Income and Business Tax Act. (3) Where there is a conflict between the provisions of this Part and any other provision of this Act, the provisions of this Part shall prevail.