The Belize Exempt Trust

To operate under a sound, legal framework, The Worldwide Loan Club operates as an offshore trust. We have chosen Belize to conduct these financial transactions as Belize is friendly to our type of business.

Belize established a modern Belize Trust Act in 1992 which incorporated the best features of similar laws prevailing in other major offshore jurisdictions such as Cayman, Panama and Bermuda.

Trusts formed under Belize law are highly secure since a Belizean court or any foreign court cannot set aside or vary a Belizean trust. No Belize Trust has ever been compromised.

The primary benefit of a trust is that it allows the legal ownership of property to be distinguished and separately vested from the enforceable rights of use and enjoyment of that property. This makes the trust, particularly when established as an exempt trust, an extremely flexible, sophisticated and creative instrument for asset protection, tax, estate, and investment planning, and the preservation of confidentiality.

Belize 's Trust law, based on the Guernsey Trusts Law of 1989 but with various modifications and innovations, is one of the strongest and most flexible asset protection trust legislation in the world. Where a trust is created under the law of Belize, Belize courts shall not vary it or set it aside or recognize the validity of any claim against the trust property pursuant to the law of another jurisdiction or the order of a court of another jurisdiction in respect of the personal and proprietary consequences of marriage or the termination of marriage, succession rights (whether testate or intestate) including the fixed shares of spouses or relatives, or the claims of creditors in an insolvency. Unlike trust legislations in other offshore jurisdictions which simply reduce the period of limitation for initiating proceedings for fraudulent conveyances/transfers, Belize 's trust law has actually repealed the law against fraudulent conveyances/transfers in relation to a trust. Further, the reciprocal enforcement of judgments legislation does not apply to a trust so that fresh proceeding would need to be brought in Belize in every instance involving a Belize trust.

In practice, Belize trusts are extremely flexible and can accommodate numerous asset protection clauses. Belize trusts in fact typically are discretionary trusts. Such trusts may also provide for automatic successor trustee and protector provisions. Spendthrift provisions may also be utilized to limit the rights of the beneficiary. Although discretionary trusts have been most widely used, the non-charitable purpose trust may also be established under Belize law for asset protection purposes. Notably, Belize 's trust laws also permit the establishment of private trust companies.

There is no requirement for the registration of a trust. Nevertheless, the Act does provide for the optional registration of trusts. The Register of Trusts is not open to public inspection except that the trustee of a trust may in writing authorize a person to inspect the entry of that trust on the Register.

The trustee of a trust has a duty of confidentiality. Subject to the provisions of the Act and to the terms of the trust, and except as is necessary for the proper administration of the trust or by reason of any other Act, the trustee of a trust shall keep confidential all information regarding the state and amount of the trust property or the conduct of the trust administration. There is no legal requirement to audit accounts. There is no requirement to disclose the names of any beneficiaries under a trust.