Trusts &amp; Estates

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

O’Neal Webster is pleased to announce that the ‘firewall’ provisions in the BVI’s Trustee Act are now to be made more robust as a result of amendments to section 83A of the Trustee Act which came into effect on 9…

BVI Introduces New Reserved Power Trust Legislation

March 16, 2021

Background – why reserved power legislation has been enacted For many settlors, particularly those from non-trust jurisdictions or from family backgrounds in which well-administered trusts do not feature[1], the establishment of an inter vivos trust can involve an appreciable leap…

Groundbreaking New Provisions in Variation of BVI Trusts

March 16, 2021

BVI Trusts, Christopher McKenzie

O’Neal Webster is pleased to confirm that the British Virgin Islands Government has introduced some cutting-edge reforms in relation to the ability of the court to vary BVI trusts without the consent of beneficiaries. The new provisions, which came into…

Free-standing Freezing Orders in the BVI | Black Swan Verses Broad Idea

October 16, 2020