Characteristic of Labuan Trust
- Settlor must be a qualified person or a resident who can retain certain wide powers including revoking, amending or varying the terms of the trust.
- The beneficiaries of a Labuan trust must also be a qualified person or a resident.
- At least one of the trustees of a Labuan trust must be a Labuan Trust company
- Where a trust property includes Malaysian property, prior approval must be obtained from Labuan FSA
- The duration of a Labuan trust may be prescribed
- The Act allows the settlor to provide a letter of wishes, in addition to provisions contained in the Trust Deed.
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