Compulsory registration of international Trusts

(1) The settlor or a trustee or the trust agent of an international trust shall apply to the Registrar to enter the trust on the Register within 90 days of the date of creation of the trust. (2) On an application for registration of an international trust, the Registrar may extend the period of 90 days on being satisfied that the failure to register the trust was as a result of inadvertence on the part of any intended party to the trust. (3) An application for entry on the Register shall contain the information required to be kept on the Register under section 65A (4) and shall be accompanied by– (a) an affidavit from the Trust Agent verifying that all the information required to be kept by 55 the Trust Agent under section 65A (5) is duly held and recorded by him in the appropriate record in his office; and (b) such fee may be prescribed by Regulations made under this Act Part. (4) The Registrar shall, on receipt of an application for registration, an affidavit from the Trust Agent referred to in section 65B (3)(a), and the required fee– (a) enter on the Register the name of the trust, the names of the trustees, the name of the protector, if any, the date of the trust settlement or declaration of trust, as the case may be, the purpose for which the trust is established, and any other information required under section 65A (4); and (b) assigned a number and issue to the trustee and the trust agent, if they are different persons, a numbered certificate of registration. (5) Where the terms of a trust which has been registered are varied, the trustee or the trust agent shall send to the Registrar a notification of such variation together with the prescribed fee and the Registrar shall amend the entry on the Register accordingly, assign a number and issue a numbered amended certificate of registration. (6) Where a trust which has been registered terminates, the trustee or the trust agent shall notify the Registrar and return the certificate of registration and the Registrar shall then cancel the entry on the Register and the certificate of registration. (7) The provisions of section 7 shall only apply to an international Trust where such trust is duly registered in accordance with this Part X. An international trust which is not so registered shall be invalid and unenforceable. 56 (8) The Registrar shall refuse to register a trust if– (a) the application contains information which is incomplete, incorrect, misleading or intended to deceive; (b) the application for registration is not in conformity with this Act or the Regulations; or (c) he or she determines that, having regard to the contemplated activities of the trust and the persons connected with the trust as disclosed in the application for registration, it would not be in the public interest that the trust should be registered in Belize. (9) The Registrar shall cancel the registration of a trust, if– (a) he is satisfied that a certificate of registration issued by him in respect of the trust has been obtained by or on account of any fraud or mistake; (b) he determines that, having regard to the activities of the trust and the persons connected with the trust as disclosed in the application and other trust documents, it is not in the public interest that the trust should continue to be registered in Belize; (c) the trust ceases to comply with the provisions of this Act or the Regulations; or (d) there is any other fit and proper cause. (10) Any document required or desired to be filed or registered with the Registrar under any provision of this Part may be filed or registered in any language other than the English 57 language, provided that it is accompanied by a certified English translation, and every such English translation shall be treated as the authoritative text. (11) It shall be the duty of every Trust Agent or IFS Practitioner to ensure that every international trust in respect of which he is the trust agent or the service provider, is duly registered under the provisions of this Part.