The 2003 amendments introduced some of the most modern trust law provisions in the Commonwealth and a new statute introduced the VISTA trust – an innovative form of trust which can (amongst other uses) serve as a settlor reserved power trust - which has become exceedingly popular with BVI clients.

The Virgin Islands Special Trusts Act 2003 which became effective on 1st March, 2004 has received critical acclaim from some of the leading practitioners and professionals in the world. VISTA trusts are now regarded as a premier product of the jurisdiction and it is estimated that there are now billions of dollars under the administration of such trusts.

Following the initial amendments to the law in 1993, collaboration between the Attorney General’s Chambers and the BVI Branch of the Society of Trust and Estate Practitioners (STEP) resulted in the introduction of further amendments to the Trustee Act.

Building on the success of VISTA trusts, the BVI introduced legislation permitting the establishment of private trust companies in August 2007. The new law – effectively an amendment to the Banks and Trust Companies Act 1990 (as amended), exempts private trust companies which fulfil the requirements of the new legislation from requiring a licence to act as trustee.

This development has been applauded as striking the right balance between proper and proportionate regulation for professional remunerated trustees and exemptions for private unremunerated companies, which are usually set up specifically to be trustees of particular trusts.

With modern legislation and a deep pool of highly qualified, widely experienced lawyers and trust professionals, the BVI offers innovative and user friendly trust products that retain the essential elements of tradition while avoiding conventional limitations on the use of trusts whether for private or commercial purposes.