A Labuan Trust has the same meaning assigned to it by Part II of the Labuan Trusts Act 1996 (LTA).
What is trust?
An agreement through which a party (an individual or a settlor) gives the right to another party (the trustee) to manage various assets and properties in the name of a beneficiary (or more beneficiaries), including charities. The LTA recognises the creation of the following types of trust for a specific particular purpose (charitable or otherwise):
Purpose Trusts;
Charitable Trusts;
Spendthrift or Protective Trusts; and
Labuan Special Trust.
A charitable purpose means and includes any of the following descriptions of purposes:
The relief or eradication of poverty;
The advancement of education;
The promotion of art, science and religion;
The protection of the environment;
The advancement of human rights and fundamental freedom; or
Any other purposes which are beneficial to the community.
Duration of a trust
Unlimited period of time unless otherwise specified by the founder.
Is the trust taxed?
Yes
What is a Labuan Special Trust?
A Labuan special trust (LST) is an innovative feature of the Labuan Trusts Act 1996 (LTA) and can be used to hold shares in a Labuan holding company, which in turn may own assets.
The benefit of an LST is that there is a distinct separation between the custodian role of the trustees and the management of the company, which is the responsibility of the directors only.
The LST can be used for succession planning, commercial purposes and matrimonial settlement.
What are the fees payable by Labuan trusts in Labuan IBFC?
IN exercise of the powers conferred by subsection 57(1) of the Labuan Trusts Act 1996 [Act 554], the Minister, on the recommendation of the Authority, makes the Labuan Trusts (Amendment) Regulations 2022.
These Regulations come into operation on 1 January 2023.
Under these Regulations, the Labuan Trusts Regulations 2010 [P.U. (A) 415/2010] are amended by substituting for the Third Schedule the following schedule:
Reference
Guidelines on the Establishment of Labuan Trust and Islamic Trust:-
Labuan Trusts (Amendment) Regulations 2022:-
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