The BVI has made several changes to Trust and Estate law to attract new business, in particular from non-trust jurisdictions with a view to protect assets from forced-heirship and matrimonial claims arising from foreign countries.
The changes have come about in an effort to compete with jurisdictions such as Jersey, Cayman Islands, Bahamas and Bermuda who have all already had their own overhauls in regards to reserved power legislation to attract similar markets with an interest in discretionary trusts with wide powers.
The changes have been made upon recommendation from professional bodies and are in direct relation to previous shortcomings that have been highlighted in other trust cases whereby all questions arising in regards to the trust will now be decided in accordance with BVI law, hence creating a stable environment for the trusts and protection from unfavourable foreign law.
Although the BVI’s existing legislation in part dated back to the colonial period and it has been slower than other comparable jurisdictions to introduce new similar legislation, this has in fact worked to the BVI’s benefit. It has had time to review the changes made by other jurisdictions and assess their impact in relation to the issues of todays’ Trust related environment that they are trying to address and therefore introduce its own legislation based on this with improvements on prior overhauls in an attempt to outdo and overtake its competitors in this regard.
If you would like to know more about how a BVI registered Trust or a Trust established in any other jurisdiction might benefit your business interests then please do not hesitate to contact us.