Trust Business
Under the International Banking and Trust Companies Act, trust business means carrying on the business of acting as a trustee of property. There are two classes of trust licences:
- a general trust company licence;
- a restricted trust company licence.
A general trust company licence may not be issued to an International Business Company and a restricted trust company licence is subject to the restriction that the licensee does not undertake trust business on behalf of persons other than those persons or classes of persons listed in the undertaking accompanying the application for the licence or any amendment to the list approved by the Commission.
Under the Act all trust companies are subject to minimum capital requirements of US$250,000.