OBJECT
- This Act is designed to promote the international financial services industry of Belize by offering a new product to international investors, primarily for asset protection purposes. At present, an international trust is usually used for this purpose in most of the common law countries including Belize, but a foundation which is a civil law alternative to the common law trust is becoming increasingly popular among investors. The essential difference between a trust and a foundation is that a trust is a relationship (not a legal entity) between the trustees and the beneficiaries created by an act whereby the settlor transferred property to the trustees for the benefit of the beneficiaries; whereas a foundation is a legal entity in its own right and, unlike trustees (who are answerable to beneficiaries), foundation council members are answerable to the foundation.