Labuan Offshores Trusts Act 1996 · s 7

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s 7Existence of Labuan trust

(1)

The settlor of a Labuan trust may be a qualified person or a resident.

(2)

The trust property shall not include any Malaysian property unless prior approval of the Authority is obtained or the trust is a trust for charitable purposes.

(3)

The beneficiaries of a Labuan trust may be a qualified person or a resident.

(4)

A Labuan trust company shall be one of the trustees of a

Labuan trust.

(5)

Where the trust property includes Malaysian property, any income derives from the trust property shall be subject to the Income

Tax Act 1967 [Act 53].

(6)

Where the trust property does not include Malaysian property, any income derives from the trust property shall be subject to the

Labuan Business Activity Tax Act 1990 [Act 445].

Labuan Trusts 15

(7)

For the purposes of this section, ―Malaysian property‖ means any property which is situated in Malaysia.