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Offshore Trusts Report: British Virgin IslandsLegal Framework and Formation Rules BVI Trusts are formed under the Trust Ordinance 1961 (based on the English Trustee Act 1925), as updated and amended by the Trustee Amendment Act 1993, and the subsequent Trustee Amendment Act, 2003. Since the 1993 Act, there is no requirement for registration of trusts in the BVI, and there is no public disclosure of information regarding trusts. Trust duty is payable on each trust instrument, which is achieved by buying and affixing stamps, creating no record. BVI trusts are exempt from all taxation provided that there is no resident beneficiary and no BVI assets. Due to the Amendment Act, the regime for trusts in the BVI is very flexible. The following are some of the main features of BVI trust law:
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