International Proximity advises on the establishment of Mauritian trusts, often as part of a commercial structure within a client's wider wealth management structure, using Mauritius' flexible and user-friendly trust law. International Proximity's in-house licensed trust company acts as qualifying trustee of the trust.
Mauritian trust law is entirely statutory and is governed by the Trust Act 2001, which replaces the domestic Trusts Act 1989 and the Offshore Trusts Act 1992. Under the 2001 Act, a trust exists where a person (known as a "trustee") holds or has vested in him, or is deemed to hold or have vested in him, property of which he is not the owner in his own right, with a fiduciary obligation to hold, use, deal or dispose of it:
- (i) for the benefit of any person (a "beneficiary"), whether or not yet ascertained or in existence;
- (ii) for any purpose, including a charitable purpose, which is not for the benefit only of the trustee; or
- (iii) for such benefit as is mentioned in (i) and also for any such purpose as is mentioned in (ii).