Section 73
For the purposes of Division 4—
of Labuan Financial Services and Securities Act 2010
(a)
a “private trust” means a trust where each beneficiary of the trust is a connected person in relation to the settlor of the trust;
(b)
a person is a connected person in respect of any of the following relationships:
(i)
his spouse;
(ii)
his descendants and their spouses;
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(iii)
his parents, including step-parents;
(iv)
his grandparents and his spouse’s grandparents;
(v)
his parents-in-law, including step-parents-in-law;
(vi)
his brother, step-brother, sister, step-sister and their spouses;
(vii)
his spouse’s brother, step-brother, sister, step-sister and their spouses and children;
(viii)
his parent’s brother, step-brother, sister, step-sister and their spouses;
(ix)
children of the brother, step-brother, sister or step-sister of his parents, both present and future, including step-children and their spouses; and
(x)
children of his brother, step-brother, sister or step-sister, both present and future, including step-children and their spouses;
(c)
for any of the relationships specified in paragraph (b)
that may be established by affinity or consanguinity, that same relationship may be established by adoption.