Exemption from taxes and duties and exchange control

(1) Where an international trust is duly registered and continues to be so registered under the provisions of this Part, then, notwithstanding any provision to the contrary in any enactment– (a) the trust shall be exempt from the provisions of the Income and Business Tax Act; (b) no estate, inheritance, succession or gift tax or duty shall be payable with respect to trust property by reason of any death of any person; and (c) all instruments relating to the trust property or to transactions carried out by the trustee on behalf of the trust shall be exempt from stamp duty. (2) The trustee of a registered international trust shall be regarded as not resident in Belize for the purpose of the Exchange Control Regulations, 1976, with regard to the trust property and to all transactions carried out by the trustee on behalf of the trust.