Full legislation
s.41Y
Transfer of movable property not affected by foreign law of inheritance
(1)
This section applies in relation to a trust (whenever created) only
if—
(a)
the trust is expressed to be governed by Hong Kong law; and
(b)
at all times when the trust is in force, each trustee of the trust
is—
(i)
an individual who ordinarily resides in Hong Kong;
(ii)
a body corporate incorporated or established in Hong
Kong;
(iia)
a re-domiciled company; or
(Added
14 of 2025 s. 99
)
(iii)
a body corporate incorporated or established outside Hong Kong
that
is not a re-domiciled company, and the central management
and control of which is in Hong Kong.
(Amended
14 of 2025 s. 99
)
(2)
A person who during his or her lifetime transfers any movable property to be held on trust (whenever created) is regarded as having the capacity to transfer the property if the person has capacity to do so under any of the following
laws—
(a)
the law applicable in Hong Kong;
(b)
the law of the person’s domicile or nationality; or
(c)
the proper law of the transfer.
(3)
A law relating to inheritance or succession of a foreign jurisdiction does not affect the validity of the transfer of any movable property to be held on trust if the person transferring the movable property had the capacity to do so under subsection (2).
(4)
The reference to law in paragraph (a), (b) or (c) of subsection (2) does not include any choice of law rules that form part of the law in any of those paragraphs.