The British Virgin Islands ("BVI") have now passed,
and brought into effect, significant and welcome changes to its
trusts and probate legislation. This update summarises the
principal features of these changes that may be of interest to
private client practitioners and trustees globally.
The Trustee (Amendment) Act, 2021
This Act makes a number of changes to the Trustee Act law
namely:
The Duty to Maintain and Keep Trust Records
Existing section 2A is repealed and replaced with new section 92
A. The new duty is imposed upon all 'Relevant Trustees'.
That term is defined as any company incorporated in the BVI, any
foreign company registered under part XI of the Business Companies
Act, any individual resident in the BVI and any other person who is
a trustee of a trust administered in whole or in part in or from
within the BVI.
