BVI Trust laws are derived from English trust law using the principles of English common law and equity. A BVI Trust Company must obtain a Class 1 trust licence issued under the Banks and Trust Companies Act 1990.
Private Trust companies have become increasingly popular for holding and consolidating family wealth as they are exempt from the requirement to obtain a licence provided that their services are not made available to the general public and their business is un-remunerated. New and existing PTC companies will have to adopt ‘PTC’ within their name to indicate their purpose.
VISTA (Virgin Islands Special Trust Act) Trusts are another reason why many people choose the BVI as these allow the Directors of an underlying BVI company to retain control of that company without interference from the Trustee.