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Offshore Trusts Report: British Virgin Islands

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.

The Report

Offshore Trusts Guide: Introduction

Offshore Trusts Guide: Jurisdictions

Bahamas Barbados Bermuda British Virgin Islands Cayman Islands Cook Islands Cyprus Gibraltar Guernsey Isle of Man Jersey Liechtenstein Madeira Malta Mauritius Monaco Nevis New Zealand Panama Seychelles Turks & Caicos Vanuatu


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 standards.

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.