British Virgin Islands Trust – an urgent issue, since the British Virgin Islands have recently attracted enough attention to themselves.
The variety of financial instruments and the focus of legislation on foreign partners obviously play a significant role, especially for investment purposes or to ensure the safety of assets.
Local trusts deserve special attention. Comparing with many countries of the traditional system of Anglo-Saxon law, this is where the best mechanism for the preservation and protection of property is located.
This was initiated by special norms – VISTA, which improved the legislation of the BVI.
Not only a detailed, flexible, convenient, but also a diverse system of legal relations on the islands allows:
protect the personal property of the founders from all encroachments on the part of creditors, heirs of the first stage, and so on;
organize a convenient multi-stage business management scheme;
to create a tool to meet the needs of families and owners.
The mechanism of the above-mentioned VISTA law, adopted in 2003, makes it possible to create special structures – special types of trusts.
The peculiarity lies in the fact that in such trusts the powers of the trustees are limited as much as possible. In addition, the property is expressed in the form of shares registered on the islands of the organization.
In general, the creation of an effective and rather unique offshore model will cost much less and more profitable than in the classical scheme – a good bonus.
To explain why the number of trust structures in this place has increased, it is necessary to mention the expansion of the legal framework since 2007.
The laws on property, trustees and special VISTA-models, regulating the activities of trusts of all types, create a single mechanism and allow you to diversify options and types of agreements.
The British Virgin Islands admits the idea of foundation trusts too.
In contrast to complex or special forms, the basic ones are drawn up according to the usual principle with the founders, beneficiaries / beneficiaries and the owner carrying out trust management.
Then the potential heirs, creditors of the founders do not have access to the funds “withdrawn” from the ownership of the creators of the structure, since it is an agreement on their full transfer to the trustee.
But the latter can only be an adult person who is fully functional, since he is responsible for conscientiously following the goals set out in the declaration.
A specially appointed guarantor can take control of the execution of the will of the creators.
The founder independently chooses who, in what order and volume will benefit from the property.
Local legislation proceeds from the rules on mandatory shares in the estate (the key principle of a trust), in fact, for this, beneficiaries are appointed at the will of the creators.
Tax legislation, which is very loyal and attractive to investors, is worth a separate mention.
For these reasons, BVO is the best option for those who pursue goals:
The most popular trusts, with the exception of special ones, are:
The speed and availability of establishing a trust in the British Virgin Islands is an unconditional privilege.
Local legislation does not require it to be registered either with the Financial Services Commission or with any other authority, and the rules governing the clauses and type of declaration are simple.
In addition, the founder and the beneficiary can be a non-resident of the state.
During the registration process, you must:
The benefits of BVI trusts are immediately apparent. First of all, it is worth noting the convenience for the founders, who have the opportunity to choose the most suitable form and level of authority.
However, there are even more positive characteristics than it seems at first:
The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.
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