New Laws On Private Trust Companies
The British Virgin Islands has had new laws on private trust companies from January 1, 2007.
According to Robert Mathavious, Managing Director and Chief Executive Officer of the BVI Financial Services Commission, speaking in November 2006, the legislation was introduced by amending the Financial Services Commission Act and issuing a new Regulatory Code under that Act which enables certain categories of companies to apply, on a fast-track basis, for exemptions from the licensing requirements and other provisions of the BVI’s Banks and Trust Companies Act.
The changes were applauded by the Society of Trust and Estate Practitioners (STEP), which has said that the introduction of the measures would make the BVI a highly attractive jurisdiction to use for the incorporation of private trust companies.
Deputy Chairman of STEP-BVI, Christopher Mckenzie observed that that the element of certainty that would be created by the new measures would attract those who are seeking a reputable jurisdiction in which to set up these sorts of structures.
The new legislation was the latest in a series of financial services–related statutes which have been enacted by the BVI Government over the past few years as it seeks to boost the jurisdiction's standing as a major offshore financial centre. These included the aforementioned Virgin Islands Special Trusts Act ('VISTA'), the Trustee (Amendment) Act, the BVI Business Companies Act, the Insolvency Act and a raft of other statutes dealing with regulatory issues.
The BVI Government has adopted a policy to keep its statutory framework under constant review, in order to ensure that the Territory maintains its reputation as a modern, progressive, and well-regulated jurisdiction in which to do business.
British Virgin Islands News
BVI To Review Taxes And Fees Monday 15/3/2010British Virgin Islands Prime Minister, Ralph O’Neal has said that the territory
will run a budget surplus during 2010, although the government still intends to review indirect taxes and fees on financial services.