BVI Trusts
Components and General Features
Trusts in the British Virgin Islands are governed by the Trustee Ordinance 1961 and amended in 1993 and 2003 and the Virgin Islands Special Trust Act 2003.
Registration Requirements
There is no requirement for the registration of trusts in the British Virgin Islands.
Settlor
The Settlor does not need to be a permanent resident of the British Virgin Islands.
Beneficiary
The Beneficiary does not need to be a permanent resident of the British Virgin Islands.
Trustee
There is no requirement for the trustee to be licensed or resident in British Virgin Islands.
Protector
The appointment of a Protector is optional.
Perpetuity Period
The maximum duration of trusts in the British Virgin Islands is 360 years, except for Charitable Trust – unlimited in duration
Property
There is no restriction on the property of a British Virgin Islands Trust.
Confidentiality
As there are no registration requirements for a trust in the British Virgin Islands the details of the Settlor and Beneficiaries are not disclosed to any person other than the Trustee.
Taxation
Trusts in the British Virgin Islands are exempt from taxation if all the beneficiaries are non-British Virgin Islands residents.
Distributions to beneficiaries from a British Virgin Islands Trust are not taxable in the British Virgin Islands in the hands of the beneficiaries.
Asset protection
There is no specific legislation providing asset protection for trusts in the British Virgin Islands.
Reporting Requirements
There are no reporting requirements for a trust in the British Virgin Islands.
| BVI Trust | |
| Registration requirement | No |
| Settlor residency requirement | No |
| Beneficiary residency requirement | No |
| Trustee residency requirement | No |
| Should the trustee be licensed | No |
| Protector allowed | Yes |
| Protector requirement | No |
| Perpetuity period | 360 years, except for Charitable Trust – unlimited in duration |
| Restriction on trust property | No |
| Taxation | Exempt |
| Confidentiality | No information is disclosed to any person |
| Asset protection | N/A – no specific legislation for asset protection |
| Reporting requirement | No |
TBA expertise
TBA has a large specialist trust and private client team consisting of three directors, a senior associate, two associates and a trainee. Our specialist team has extensive experience of advising clients in relation to the establishment and structuring of trusts and foundations, estate planning, trust and estate litigation, international tax investigations and TIEA requests.
Further information on these alternative structures is available on request.
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