Banks and Trust Companies

Banks and trust companies are regulated under the Banks and Trust Companies Act, 1990. A licence under the Act is required in order to conduct banking or trust business and will only be approved by the Inspector of Banks and Trust Companies for reputable organisations that can show a proven record and solid experience in their industry.

Bank licences differentiate between full service banks and those restricting their operations by not accepting deposits nor investing in assets, including loans, in the BVI. Trust licences differentiate between a general licence for trust companies operating in the BVI and restricted licences for trust companies acting as trustee for specified clients.

Minimum capital requirements range from US$ 250,000 to US$ 2 million and licence fees from US$ 300 to US$ 10,000, dependent on the type of licence. The Financial Services Commission oversees operations of licensees and regulatory requirements.

Banks and trust companies with a general licence are required to submit annual audited financial statements to the Financial Services Commission.