s 7 Existence of offshore trust
(1) A trust is an offshore trust where— (a) the settlor is a qualified person at the time the trust is created; (b) the trust property does not include any immovable property situated in Malaysia, unless otherwise allowed by the relevant authorities and laws for the time being in force; (c) subject to subsections (2) and (3), all the beneficiaries under the trust are qualified persons at the time the trust is created or at the time any one or more of them otherwise become entitled to be beneficiaries under the trust; and (d) at least one of the trustees is a trust company. (2) A trust shall be an offshore trust notwithstanding that a person who is not a qualified person benefits together with any other persons as members of a class of persons who are beneficiaries under a trust for charitable purpose. (3) A trust shall remain as an offshore trust notwithstanding that one or more of the beneficiaries who are qualified persons at the time the trust is created subsequently become resident in Malaysia at the time they otherwise become entitled to be beneficiaries. (4) For the purpose of this section, the expression “at the time the trust is created”, in relation to a trust created by a will, means the time at which the will takes effect.