ARTICLE · 16 JULY 2013

I Can See The VISTA From Here

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Following recent revisions of the British Virgin Islands' (BVI) companies and investment funds laws, the BVI has now turned its attention to its trust regime.

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Following recent revisions of the British Virgin Islands' (BVI) companies and investment funds laws, the BVI has now turned its attention to its trust regime.

New legislation was enacted in May 2013 modernising the jurisdictions four primary pieces of trust legislation – the Trustee Act 1961, the Bank and Trust Companies Act 1990, the Trust Corporation (Probates and Administration) Act 1947 and the Virgin Islands Special Trust Act 2004 (VISTA).

VISTA

A VISTA trust disengages the traditional duty of a trustee to monitor and intervene in the running of an underlying company, therefore enabling a settlor to maintain control of the company, through the Office of Director Rules (ODRs), whilst enjoying the succession advantages of a trust arrangement.

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