New Belizean Law Changes the Way Trusts Can Operate

It was the perfect ending to the worst day I had experienced in a long time. After car problems, child problems, water problems, and other "modern problems" encountered in our cluttered lives today, I saw the new message indicator flashing on my computer screen. "Probably just another hot single that's dying to meet me." I laughed under my breath. Much to my surprise it was an email from my attorney in Houston who handles all of my financial affairs. I'll never forget the subject in the first line for as long as I live.

"Bad News About Belize Trust Law"

Well, this wasn't good news. As I reached for the mouse to click the message open several thoughts went through my mind. I figured it had finally happened. Noriega had been released and found exile in Belize, had nationalized all accounts, and banned rock and roll. It wasn't quite that bad, but it wasn't good either.

Apparently in Belize's infinite wisdom and I'm sure pressure from the "Big Boys" the law pertaining to trusts and corporations had been changed lifting what used to be a very private matter into the public eye. According to my attorney, "During the summer Belize changed its trusts laws requiring that all trusts must now be registered with the Belize authorities by filing with the Registrars office documents that disclose private information about the trust, and paying a one-time fee. In addition, Belize will now require that all Belize trusts maintain a Registered Agent and Registered Office.

One of the really nice aspects of Belize trust law was that the trust could remain private since it did not have to be filed with the Registrar, it was not necessary to incur any expenses in filing the trust, and there was no need to maintain a Registered Agent and Office. If these changes were not enough to discourage anyone using Belize trusts for asset protection strategies Belize further changed its laws making it a crime for anyone who was not registered with the Belize authorities as an International Financial Services Provider to participate in just about any aspect of trust formation and management."