Personal wealth is amassed in different ways. Whether inherited, earned through successful business venture, or through investment planning, it is prudent to consider a strategy to protect assets and wealth for the future. Blenheim Trust (BVI) Limited provides trust services in premier offshore jurisdictions that boast modern trust legislation and a robust legal system, ensuring flexibility and security in forming and maintaining your trust.

 

 

The British Virgin Islands trust law is founded on English common law principles and based largely on the UK’s Trustee Act 1925. The BVI government is committed to a modern regulatory regime and effective partnership with the private sector.

 

The Trustee (Amendment) Act, 1993 was enacted as a result of this policy and substantially amended the Trustee Ordinance, 1961 to cater for modern day practices and evolving client needs.  The United Kingdom Recognition of Trusts Act, 1987 which adopts the provisions of the Hague Convention on the recognition of trusts is also part of BVI law.

Why use the BVI to establish a trust?

 

 

Creating a BVI trust, combined with an underlying IBC, provides a vast range of benefits. The two guiding principles of the BVI legislation are protection of the trust’s interests and assets and facilitation of its management and operations. 

 

 

The Trustee (Amendment) Act 1993

 

 

The main features of the Act are:

u  Perpetuities and Accumulations: - The perpetuity period can be fixed for a term not exceeding 100 years in place of the old fashioned common law "lives in being".  There are a number of savings provision including a "wait and see provision".

u  Proper Law and Jurisdiction: -If Proper Law is said to be the BVI the courts will require no other connecting factor.

u  Forced Heirship Provisions: -Protecting dispositions from forced heirship laws in the settlor's home county.

u  Purpose Trusts:  -For any lawful purpose.

u  Control by settlor: - A Protector may be appointed and certain powers may be reserved to the settlor.

u  Taxation and Registration: -The trustees, trust and non-resident beneficiaries are not liable for taxes in the BVI.

u  Authorised Investments: -The trustees have broad powers of investment.

u  Schedule of Powers: - The Act includes a Schedule of Powers, containing those powers typically found in offshore trusts, which may be incorporated into the trust deed by reference.

u Amendment to Trust Instrument: - Provided such power is expressed in the deed the trust may be amended or revoked by the trustees or provide a flee clause.