An Overview Of Trusts In The BVI, Cayman, Guernsey, Jersey And New Zealand
This client briefing provides a brief overview of trusts in The
British Virgin Islands (BVI), Cayman, Guernsey, Jersey and New
Zealand. For further information, please contact those listed in
this briefing.
The BVI
The British Virgins Islands is a British Overseas Territory with
a strong constitutional relationship with the UK. It is responsible
for its own internal self-government, most notably in relation to
taxation. The British Virgin Islands has an independent legal
system based largely on that of the UK, with most law derived from
English common law, and the final appeal remains to the English
Privy Council. The economy is one of the most prosperous in the
Caribbean. The British Virgin Islands has developed into a
well-established jurisdiction for financial services as a result of
the government's commitment to business.
With the introduction of the VISTA legislation, it has been said
by leading practitioners that the British Virgin Islands has the
most modern and coherent trust legislation globally. Policies and
legislation have been developed in close partnership with the
private sector, and as a result responds well to the needs of
business and demonstrates a sophisticated and cutting edge
approach.
British Virgin Island trust law is based predominantly on
English trust law, but has developed beyond English law to permit
purpose trusts, extend the perpetuity period and most notably to
create the unique VISTA trust. Trusts in the British Virgin Islands
are exempt from registration under the Registration and Records Act
and trustees are exempt from any reporting and filing requirements,
ensuring a high degree of confidentiality.
Trusts are protected by the requirement that companies carrying
on trust company business must obtain a licence and conform to
various requirements (with the exception of private trust companies
which meet the criteria in the relevant regulations).
Cayman Islands
The Cayman Islands is a group of three islands situated in the
Western Caribbean, 500 miles and one hour flying time south of
Miami, Florida. As a United Kingdom Overseas Territory with
responsibility for its own internal affairs, the Cayman Islands is
one of the world's most sophisticated offshore jurisdictions
More than 80% of the world's largest banks have a presence in
the jurisdiction. Political, social and economic stability, and a
strong business infrastructure with experienced professionals, make
the Cayman Islands a perfect choice for...
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