Trusts

BVI trusts are governed by the BVI Trustee Ordinance 1961, together with the Trustee (Amendment) Act, 1993.

Specific provisions include:

• Option to create fixed term perpetuity not exceeding 100 years;
• Provisions for the determination and change of proper law;
• Jurisdiction of the BVI court when the trustee is in the BVI or when BVI law is designated as the proper law of the trust;
• Provisions for the establishment of Purpose Trusts;
• Proper law to determine the transfer or disposition of personal property and the avoidance of "forced heirship";
• Avoidance of remoteness as regards dispositions by introduction of the notion of "wait and see";
• Statutory recognition of Protectors and Managing Trustees;
• Statutory exemption from income, inheritance and other taxes.

There is no requirement to register trusts or file any information on the public record, although a US$50 stamp is required on each executed trust deed.

There are no specific provisions relating to fraudulent dispositions, which may be associated with "Asset Protection Trusts"