Offshore Trusts Report: British Virgin
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 15/3/2010 British 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.
Caribbean Explores Fiscal Cooperation Tuesday 9/3/2010 Ahead of the World Bank meeting, to be held on March 11-12, where CARICOM Finance
Ministers will meet to discuss challenges that the region faces, CARICOM Secretary
General, Edwin Carrington said it was vital for Caribbean economies to increase economic cooperation and remove fiscal barriers, for the prosperity of the region going forward.
China Clarifies Tax Treatment Of Corporate Income Earned Abroad Wednesday 27/1/2010 The Chinese Ministry of Finance, acting through the State Administration of Taxation, has issued a Circular to clarify corporate income tax provisions with regard to income earned abroad.
OECD Reports On Its Progress With International Tax Standards Wednesday 20/1/2010 According to the Organization for Economic Cooperation and Development, the focus of the Global Forum on Transparency and Exchange of Information is now shifting – from commitments and agreements to achieving an effective implementation of the standards.
UK's Wealthy Head For Sunnier Climes As Tax Storm Brews Wednesday 16/12/2009 New research would appear to confirm that, while not quite the 'exodus' popularly characterized in the press, there is nevertheless a steady stream of wealthy financiers, entrepreneurs and bankers leaving Britain as a result of the Labour government's recent tax increases.
BVI Signs TIEAs With China And Ireland Wednesday 9/12/2009 The government of the British Virgin Islands took a further step on December 7
to conclude Organization for Economic Cooperation and Development model Tax Information Exchange Agreements, signing texts with Ireland and China.
OECS States Agree Upon Draft Outline For New Treaty Wednesday 25/11/2009 The new Treaty of the Organisation of Eastern Caribbean States will be
signed in the St. Kitts capital, Basseterre on December 29.
Crown Dependencies Welcome Foot Report Findings Monday 2/11/2009 The British Crown Dependencies have welcomed the findings of the UK government's review
of the dependencies, published on October 29, which recognizes their economic benefit to the United Kingdom, and efforts to achieve compliance with international
BVI Makes OECD White List Monday 17/8/2009 The British Virgin Islands has signed its 12th Tax Information Exchange Agreement after concluding an agreement with New Zealand, meaning that the jurisdiction is now considered to be "substantially" in compliance with the Organization of Economic Cooperation and Development's tax snoopers' standard.
BVI Signs OECD Model Agreements With Nordic States Wednesday 20/5/2009 The British Virgin Islands government announced this week the signing of bilateral
tax information exchange agreements with the six Nordic countries, the Faroe Islands,
Finland, Greenland, Iceland, Norway and Sweden at the Icelandic Embassy in Copenhagen,
Denmark, on May 18.