Since 2007, it has been possible in BVI to establish a Private Trust Company (“PTC”) which may act as trustee of trusts without the need to obtain a BVI trust licence as long as certain conditions are satisfied.
BVI PTCs have become very popular, especially among High-Net-Worth families and clients from civil law jurisdictions who do not necessarily welcome the prospect of transferring their wealth to an independent third party trustee when establishing a trust.
In May 2013, the BVI trust legislation was amended to allow PTCs to be trustees of VISTA trusts (see separate guide on VISTA trusts) and Purpose Trusts (see separate guide on BVI Trusts – An Overview). It is anticipated that this additional flexibility in the use of PTCs will further enhance their effectiveness as sophisticated vehicles, which can be used in both private wealth planning and commercial structures.
Please see full guide below for more information.
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Topics: BVI Business Companies, Private Trust Companies, Standard of Care, Trustees, VISTAs
Published In: Business Organization Updates, Finance & Banking Updates, International Trade Updates, Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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