TRUSTS

TRUSTS AND FIDUCIARY SERVICES HISTORY

The substantive law of Mauritius is derived from English & French sources and the principles of equity were introduced to and applied in Mauritius during the British rule (1810-1968).
 

The first Trust Act which was an updated and improved version of the English Trustee Act 1925 was enacted in 1989. In 1992, Parliament passed the Offshore Trusts Act to specifically provide a framework for the setting-up of offshore trusts. In 2001, a new Trust Act was enacted which replaced the Trust Act 1989 and the Offshore Trust Act 1992. The Act brings consistency to the types of Trust vehicles that are available to residents and non-residents. It contains most of the desirable features prevailing in other offshore jurisdictions and also brings about a number of innovative features.

POTENTIAL USES OF A MAURITIUS TRUST

A Mauritius Trust can be put to many different types of uses, namely:
 

• Accumulation and preservation of wealth
• Succession planning
• Asset protection
• Investment
• Tax Planning

TYPES OF TRUSTS

The Trust Act allows for the creation of a number of different types of trusts, namely fixed, discretionary, protective, purpose and charitable trusts.

INTERESTING FEATURES OF A MAURITIUS TRUST

CONFIDENTIALITY & REGISTRATION
 

Confidentiality is enshrined in the provisions of the Trust Act 2001.Trustees are not required to disclose any confidential information to any person not legally entitled to it. Nor can they be required to produce or divulge that confidential information to any Court, tribunal, committee of enquiry or other  authority in Mauritius or elsewhere except where ordered by the Court or a Judge in Chambers in accordance with the Act.
 

Confidential information extends to:

• the state and amount or any other details of the trust property
• the conduct of trust administration
• the trustee’s deliberations as to the manner in which a power or discretion was exercised, or a duty conferred or imposed by the law or by the terms of the trust was performed
• the reason for any particular exercise of such power or discretion or performance of duty or the material upon which such reason will be or might have been based; or
• the exercise or proposed exercise of  such power or discretion or the performance or proposed performance of such duty. There is also no requirement for the trust to be registered with any Governmental body. However, many Trustees prefer to register the trust deed at the office of the Registrar General in order to get a “date certaine” (certain date), which may if required be produced in evidence of the existence of the trust and its date of creation.