Regulatory Alerts2021-01-01
Trusts Act, 2021
Issued by the President and National Assembly of Seychelles, this Act establishes a comprehensive statutory framework for creating, registering, and administering both domestic and foreign trusts. It mandates written trust formation, requires approved trustees to file appointment declarations with the Financial Services Authority, and maintains a centralized register of trusts. The legislation codifies trustee duties, powers, and liabilities, introduces statutory roles for protectors and enforcers, permits indefinite duration without perpetuity restrictions, and grants courts broad authority to vary terms, set aside transfers due to mistake, and shield trust assets from external claims.
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