Private Trust Companies

Introduction

The Financial Services (Exemptions) Regulations, 2007 (the 'Regulations') came into effect in August 2007¹. They enable unlicensed private trust companies ('PTCs') to be established in the British Virgin Islands ('BVI') if specified conditions are satisfied: these conditions are summarised below.

Background – the increasing popularity of PTCs

PTCs have become increasingly popular over the last 15 to 20 years. A PTC may be defined as a company which is incorporated with its main function being to act as the trustee of a specific trust or a number of related trusts. It should be contrasted with a professional corporate trustee, bank or financial institution which offers its services to the general public for a fee.