Trusts &amp; Estates

Articles, Christopher McKenzie, Trusts & Estates

BVI Trusts, Christopher McKenzie, Variations of BVI Trusts

Abstract: The British Virgin Islands (BVI) has enacted innovative new trust legislation which includes provisions conferring on the BVI court an additional power to vary BVI trusts. The legislation, which is unique but which was inspired by section 47 of…

BVI Introduces New Reserved Power Trust Legislation

July 6, 2022

Articles, Christopher McKenzie, Trusts & Estates

BVI Trusts, Christopher McKenzie, Reserved Power Trust Legislation

By Christopher McKenzie for Trusts & Trustees, Oxford University Press Background—why reserved power legislation has been enacted Many prospective settlors, especially those from jurisdictions or family backgrounds in which trusts do not feature,1 the establishment of a lifetime trust can…

BVI Strengthens Firewall Provisions in Trustee Act

June 23, 2022

Articles, Christopher McKenzie, Trusts & Estates

BVI Trusts, Christopher McKenzie

When section 83 A of the British Virgin Islands’ Trustee Act came into effect in 2004 the jurisdiction was regarded as having the most sophisticated and well thought-out ‘firewall’ offering available, but, since then, the territory has arguably fallen behind…

AMENDMENTS TO THE BVI’S PRIVATE TRUST COMPANY REGULATIONS 2021

August 5, 2021

BVI Trust Companies, Private Trust Companies, Trusts & Estates

Articles, Christopher McKenzie, News, Trusts & Estates

Since the BVI’s Financial Services (Exemptions) Regulations, 2007 (as amended, “the PTC Regulations”) came into effect, the BVI has become the jurisdiction of choice for private trust companies. Over one thousand such companies have so far been established. Background The…

BVI Introduces Significant New Trust and Estate Legislation

March 16, 2021

BRITISH VIRGIN ISLANDS, March 2021– O’Neal Webster is pleased to confirm that the British Virgin Islands (BVI) Government has introduced a substantial number of changes to its trust and estate legislation following recommendations made by the Trust and Succession Law…

Further Amendments to the BVI’S Trust and Estate Legislation 2021

March 16, 2021

By Christopher McKenzie O’Neal Webster is pleased to be able to advise that, in addition to other ground-breaking changes to its trust and succession laws, which are covered elsewhere, two new statutes, the Property (Miscellaneous Provisions) (Amendment) Act, 2001 and…

BVI Extending Ability to Reseal Foreign Grants of Probate and Administration

March 16, 2021

BVI extending the ability to reseal foreign grants of probate and administration in the territory to numerous other jurisdictions By Christopher McKenzie Background The BVI’s earlier Probates (Resealing) Act, which was enacted in the 1930s, enabled a simplified procedure to…

Additional Amendments to BVI’s Trustee Act Including Re-Introduction of the ‘Old Rule In Hastings-Bass’

March 16, 2021

BVI Trusts, Hastings-Bass Rule

In addition to the ground-breaking reforms relating to the variation of trusts, reserved powers and the ‘firewall’ provisions in the Trustee Act, each of which are covered elsewhere, the BVI legislature has made a number of other amendments to the…

BVI Strengthens Firewall Provisions in Trustee Act

March 16, 2021