An Overview Of Trust Law And Trustee Services In The British Virgin Islands.
Mondaq Business Briefing › Nbr. 2008, March 2008
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Summary
Law overview
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Extract
An Overview Of Trust Law And Trustee Services In The British Virgin Islands.
BACKGROUND
The general principles of the trust laws of the British Virgin Islands (the "BVI") are derived from those of English trust law. The principles of English common law and equity apply, as supplemented by BVI statute. The Original Trustee Act was based on the English Trustee Act 1925 and Variation of Trusts Act 1958 but has now been updated by the Trustee (Amendment) Acts, 1993 and 2003. Other significant statutes relating to trusts and trustee services in the British Virgin Islands are the Virgin Islands Special Trusts Act, 2003 ("VISTA") the Banks and Trust Companies Act, 1990 and the Financial Services (Exemptions) Regulations, 2007. Trusts in the BVI may be established by persons in any part of the world with property or investments in any part of the world. Trusts may be discretionary or fixed interest in nature or indeed any other type of trust recognised under English common law. Income from the corpus of the trust may be accumulated for the entire length of the period of the trust and the Trustee Act now enables beneficiary trusts to have a fixed perpetuity period of up to 100 years as an alternative to the ...See the full content of this document
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