Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
73. Meaning of “connected persons”
Feedback & supportFor the purposes of Division 4—
a “private trust” means a trust where each beneficiary of the trust is a connected person in relation to the settlor of the trust;
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
a person is a connected person in respect of any of the following relationships:
his spouse;
his descendants and their spouses;
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his parents, including step-parents;
his grandparents and his spouse’s grandparents;
his parents-in-law, including step-parents-in-law;
his brother, step-brother, sister, step-sister and their spouses;
his spouse’s brother, step-brother, sister, step-sister and their spouses and children;
his parent’s brother, step-brother, sister, step-sister and their spouses;
children of the brother, step-brother, sister or step-sister of his parents, both present and future, including step-children and their spouses; and
children of his brother, step-brother, sister or step-sister, both present and future, including step-children and their spouses;
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.
established
“established”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the third column of the First Schedule as against such person;