Subjects:

Caribbean , Equity and Trusts, Other Jurisdictions

The long-standing attraction of the British Virgin Islands for trust advisors is linked to its pre-eminence as a leading offshore corporate domicile, its political stability, the presence of numerous trust professionals and the BVI Government’s commitment to maintain a modern trust regime.

Now that status is further enhanced by the recent enactment of groundbreaking changes to the BVI’s trust law. These make the BVI even more suited to the structuring needs of settlors from civil and Islamic law countries, and for the use of trusts in commercial transactions.

• Trustees are permitted to hold shares in a BVI company without fiduciary responsibility for the management or success of the company.
  
• Third parties (e.g. lenders) dealing with trusts are able to enforce claims directly against the assets of a trust.
  
• Existing protections for trusts against forced heirship claims are strengthened.
  
• Settlors can prevent beneficiaries from unanimously agreeing to terminate a trust for a period of up to 20 years.
  
• Rules governing purpose trusts are expanded

The amendments to the Ordinance, combined with the new Virgin Islands Special Trusts Act of 2003 (the so-called VISTA legislation), have produced a code that incorporates innovative responses to many of the practical issues which the modern day trustee handles. In doing so the Ordinance ensures that the BVI will remain at the forefront of international trust jurisdictions

The 2nd Edition of The Trident Guide to British Virgin Islands Trusts has been revised, updated and expanded to reflect these many legislative changes. First published in 1994, this reference text immediately gained wide acceptance by practitioners and others interested in BVI trust law who needed a ready reference to the legislation shaping this leading offshore jurisdiction.

The new edition will also earn its place as an essential part of any trust practitioner’s library. It contains the full text of the BVI Trustee Ordinance 1961, including all amendments through 2004; the full text of VISTA; a description of the BVI, its history, constitution and laws; and a synopsis of BVI trust law.