“….a particular feature of Labuan’s Foundations Law is the introduction into it of important features from Labuan’s Trust Law covering asset protection, anti-forced heirship, liability, migration of foundations, and secrecy and provision of information.”
“Except as otherwise provided by the Act, the Court or the Charter and Articles, every member of the Council, Supervisory Person, Officer, or Secretary shall deal with and treat all documents and information relating to a Labuan foundation as secret and confidential.”
Source: Mark Lea, Partner at Lea & White, www.labuanibfc.com
- Protected by secrecy clause of Labuan Foundation Act 2010.
- Doesn’t recognize foreign court ruling.
- Allow re-domiciliation to other recognized jurisdictions.
- All Council members can be family members.