Amendments to the BVI trust regime
On 15 May 2013, the British Virgin Islands (BVI) enacted the first substantive changes to its trust regime in 10 years. The amendments modernise the jurisdiction’s four primary pieces of trust legislation — namely the Trustee Act 1961; the Bank and Trust Companies Act 1990; the Trust Corporation (Probate and Administration) Act 1947; and the Virgin Islands Special Trust Act 2004 (VISTA).
The main thrust of the amendments was centred on the VISTA legislation, introduced on 1 March 2004. VISTA disengages the traditional duty of a trustee to monitor and intervene in the running of an underlying company, thus enabling a settlor to maintain control of the company, through the Office of Director Rules (ODRs), while enjoying the succession advantages of a trust arrangement.
VISTA has achieved significant traction in succession planning for family businesses and individuals from a civil law background (together with those from the BRIC economies) who appreciate the retention of control available in a VISTA structure…
If you are registered and logged in to the site, click on the link below to read the rest of the Ogier briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Ogier
News from The Lawyer
Briefings from Ogier
Decision of general relevance to restructuring and insolvency practitioners.
A Q&A, now that Jersey’s first Financial Services Ombudsman has started work.