Labuan Trust
- Created generally for an individual or a settlor to give specific property to a third party to be held for the benefit of others, including charities.
- A charitable trust’s purposes includes any of the following:
- 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.
- The Labuan Trust Act 1996 (LTA) allows the creation of the following types of trust:
- Purpose trusts;
- Charitable trusts;
- Spendthrift or protective trusts;
- Labuan special trusts.
- Can exist for fixed period or in perpetuity