British Virgin Islands Trust Formation
|British Virgin Islands TRUST
|Types of trust:
|Discretionary Trust Charitable Trust, VISTA Charitable Trust Life Interest Trust, Purpose Trust, Standard (Discretionary) VISTA, Advanced Trust (VISTA)
|Practical uses of trust:
|Varied circumstances (for example generational tax and estate planning)
|Creation of the trust:
|Declaration of trust and vesting of assets in the trustee
|Proper law of the trust:
|English trust law
|Duration of the trust:
|Determined by Settlor and subject to perpetuity rules.Trusts are subject to a maximum perpetuity period up to 360 years.
|Name of the trust and language of trust deed:
|Name of trust to be determined by the Settlor The language of the trust deed will be English
|Timing for trust creation:
|The timing depends on client’s requirements and if special drafting is required for the trust deed
|Minimum Government fees:
|Record in Public register:
|Custody of trust assets:
|Dependent on the type of asset settled on trust – custody normally with the trustee
|Special requirement about the trustee (local resident requirement):
|For VISTA trusts, the Trustee must be a BVI licensed trust company
|Trustee resident of the European Economic Area is required (Y/N):
|VISTA trusts are permitted to have more than one trustee, but at least one of them must be a “designated trustee” which is defined by the Act as a trustee which must be able to carry on trust business in the BVI under the Banks and Trust Companies Act, 1990.
|The settlor is the person, individual or corporate body, who establishes and whose assets are put into the trust.
|Determined by the Settlor
|Determined by the Settlor
|To be determined by the Settlor – for VISTA trusts, the trust fund consists of shares in a BVI Business Company
|Double taxation treaty access:
|No taxation in the BVI
|Record keeping requirements :
|Trustee will retain a copy of the original trust deed, relevant minutes, deeds, details of the trust assets and will require sufficient information to prepare financial statements
|Local representative requirement:
|Option to change proper law of the trust:
|Usually an option is included in the trust instrument
|Any other special requirement:
|To be determined by Settlor, but a Letter or Wishes may be helpful with a discretionary trust
We do our best to monitor the compliance of this jurisdiction with the latest international regulations set by OECD and other international institutions and countries.
At any moment, Damalion may decline any customer demand about this jurisdiction, at its sole discretion and without any obligation to provide any reason.