In addition to being the world's leading international
finance centre in which to set up companies, the British Virgin
Islands (BVI) is now regarded as one of the
world's premier trust jurisdictions.
The general principles of the trust laws of the BVI are derived
from those of English trust law. The principles of English common
law and equity apply, as supplemented by BVI statute. The original
Trustee Act was based on the English Trustee Act 1925 and Variation
of Trusts Act 1958 but has now been updated by the Trustee
(Amendment) Acts, 1993, 2003 and 2013. Other significant statutes
relating to trusts and trustee services in the British Virgin
Islands are the Virgin Islands Special Trusts Act, 2003 as amended
in 2013 (VISTA), the Banks and Trust Companies
Act, 1990 and the Financial Services (Exemptions) Regulations, 2007
(as also amended in 2013).