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Trusts
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Trusts for Asset Protection Purposes

The key element of a trust is that once transfer of ownership to the trust is complete, the trustees, rather than the settlor, own and control the assets.

Features of the Trust that make it attractive

	Trusts are not taxed in the BVI and non-resident beneficiaries are exempt from any liability to taxation in the BVI.
	Trusts may be established for up to 100 years.
	Protectors may be appointed to oversee the actions of the trustees, and they may be granted power to remove trustees and appoint new trustees.
	Trustees may invest trust funds in any kind of investment, wherever located.
	There is no requirement for filing annual returns and trust accounts in the BVI, nor are there any reporting requirements relating to the trust.

A settlor may make provision in the trust deed regarding the administration of the trust and the distribution of its property and income to its beneficiaries, with which the trustees will be required to comply.

Further, the settlor may deliver a letter of wishes, and while the trustees are not bound by such a letter, they will usually take into account its contents.

New Trust Legislation to enhance and strengthen BVI Financial Services

Chief Minister Dr. the Honourable D. Orlando Smith intends to pilot three pieces of Trust legislation through the Legislative Council that should have the important additional advantage of enhancing the attractiveness of the BVI as a trust jurisdiction and thus increasing the diversity of the services offered by the financial services sector, so that the sector is less dependant on the continued popularity of IBC’s. The three bills The Virgin Islands Special Trusts Bill, The Trustee (Amendment) Bill ad The Property (Miscellaneous Provisions) Bill had their introduction and first reading on Thursday August 28^th, during the 4^th sitting of the 1^st session of the 15^th Legislative Council. [full story]

Legislative Council Passes Four Bills

Legislators approved four bills during the Sixth Sitting of the First Session of the Fifteenth Legislative Council of the Virgin Islands held at Council Chambers in Road Town on Tuesday September 30^th. The Virgin Islands Special Trusts Act, 2003; Trustee (Amendment) Act, 2003; Property (Miscellaneous Provisions) Act, 2003 and the Audit Act, 2003, all had their Second and Third Readings. [full story]

For More Information Contact: Beth Anne Gray J. bgray@shirleylaw.com
Shirley Trust Company Limited
90 Main Street, Road Town, Tortola, British Virgin Islands
Tel: 1-284-494-3000
FAX: 1-284-494-3002
Internet: stcl-info@surfbvi.com

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updated 14-Jan-2007