In addition to being the world’s leading international finance centre in which to setup companies, the BVI is now regarded as one of the world’s premier jurisdictions for trusts.
The BVI’s resourceful pool of trust experts can provide unique solutions and practical advice on ownership and succession planning based on decades of specialization and experience. We cater to individuals, families, charities and corporations offering a wide variety of solutions for their differing needs. The BVI has proved to be a popular jurisdiction because of our modern trust legislation and, in the case of the Virgin Islands Special Trusts Act (VISTA), a unique product specifically enacted to solve the formerly prohibitive ‘prudent man of business rule’ in relation to the investment and management of trust assets. Our range of services includes:
- Establishment and administration of commercial and private wealth trusts
- Provision of trustee services
- Charitable trusts
- Preparation of trust accounts
- Establishment of private trust companies
BVI trusts are, in general, exempt from registration and filing requirements and there are broad exemptions from taxation in the Trustee Ordinance. Trustee (Amendment) Acts, 1993, 2003 and 2013.
THE BVI TRUST ADVANTAGE
The jurisdiction prides itself on introducing creative and innovative legislation ensuring that the BVI trust industry continues to meet the needs of the client by being modern, user friendly and relevant. Such legislation includes:
- The Virgin Islands Special Trusts Act (VISTA) which has been described by global practitioners as a ground breaking development in the area of trusts
- The BVI Business Companies Act which was crafted with the changing needs and requirements of the international business community in mind
- The provisions for the use and establishment of Private Trust Companies , which provide a flexible and attractive regime for the establishment of BVI companies which can act as trustees of a single trust or a number of related trusts.
Why BVI for Trusts
- The BVI’s UK-based trust law has an advantage over jurisdictions without UK-based law, such as Mauritius.
- Unique products give the BVI an advantage over competing jurisdictions with UK-based laws.
- Low operating costs - the BVI is often less expensive than other UK-based law jurisdictions.
- It is often advantageous to have the trust and the underlying entity governed by the same law; given the success of BVI companies, that sits well with BVI trusts
- Flexible and innovative legislation.
- Well established trust industry with access to high level professionals qualified in law, accountancy and trust and estate planning
An Overview of Trust Law & Trustee Services in the British Virgin Islands by O'Neal Webster