BRITISH VIRGIN ISLANDS (BVI) TRUST

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The British Virgin Islands (BVI) consist of a group of islands geographically situated in the Caribbean. The capital is Road Town, located on the Tortola island which is the largest island and the approximate population is around 35,000. The BVI is a British Overseas Territory with a legal system based on mainly English common law.

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A BVI Trust comes into existence when an individual or a legal entity (Settlor) gratuitously transfers the legal ownership of assets (Trust Property) to another person or persons (Trustees) to hold for the benefit of other person(s) termed as the Beneficiaries or for a specific purpose. The trustees have an equitable obligation, which bind them to hold and deal with the trust property in accordance with the terms of the trust.

​British Virgin Islands trust law is based predominantly on English trust law, but has developed beyond English law to permit purpose trusts, extend the perpetuity period to 100 years and most notably to create the unique VISTA trust.

 

Trusts in the British Virgin Islands are exempt from registration under the Registration and Records Act and trustees are exempt from any reporting and filing requirements, ensuring a high degree of confidentiality.

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Types of trusts

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The most common types of trust established in the BVI are:

• discretionary trusts

• VISTA trusts

• life interest trusts

• fixed interest trusts

 

VISTA Trust

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The Virgin Islands Special Trusts Act 2003 created a special trust (known as a "VISTA trust") in the British Virgin Islands which exists as an alternative to a non-charitable purpose trust. A VISTA trust is used purely for the holding of shares in a British Virgin Islands International Business Company and enables a trustee holding such shares to distance himself entirely from the management of the company in which the shares are held.

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Summary of VISTA's main provisions

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• The shares of a company held by a VISTA trust may be held indefinitely.

• The directors or other parties of the underlying company can manage the affairs of the company without interference from the trustee.

• Shares held subject to VISTA are held on trust to retain the shares.

• Notwithstanding the trust to retain, the trustee is given power (subject to the precise terms of the trust) to dispose of the shares with the consent of the directors, or the settlor, or any other person nominated in the trust instrument.

• The trustee is expressly prohibited from exercising its voting power or other powers attaching to the shares so as to interfere in the management of the company or the conduct of the business.

 

Uses of BVI Trust

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• Asset management and protection

• Forced heirship

• Privacy, confidentiality and anonymity

• Philanthropy

• Commercial uses

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Premier Services

Premier specialises in providing professional services whether your need is to minimize cost, grow your business or protect your wealth. We help you setting up the right structure through our associates whether it is BVI or other jurisdictions. The solutions we provide in collaboration with our close BVI associates are adapted to your needs and are smartly structured.

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Our expert services include:

• ​Incorporation and registration

• Directorship services

• Provision of registered office address

• Professional advisory and structuring services

• Secretarial and Administrative services

• Bookkeeping and accountancy services

• Tax Consultancy

• Re-domiciliation and migration

• Liquidation and winding Up

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