BVI Offshore Trust
The British Virgin Islands, more commonly known as BVI, is an excellent location of choice for trust set up. BVI has a solid reputation as a competitive offshore financial centre and is regarded as an attractive jurisdiction for trust formation.
To begin the process of applying for a BVI offshore trust, please complete our Trust Application Form.
How to form a BVI Offshore Trust
A BVI trust is a legally established entity that is set up to safeguard one’s assets for the advantage of their selected beneficiaries. By setting up a trust, the settlor – the individual who has chosen to set up the trust, can guarantee that their assets are located in a safe environment.
Many individuals choose to establish a BVI offshore trust as a way to protect their assets from stringent rules and laws in place within their country of domicile. In particular, this relates to strict taxation laws on inheritance tax, which deter many individuals from leaving their assets within their country of domicile.
When setting up a BVI trust, it will be created under the BVI Special Trusts Act 2004 (VISTA) and the Amended Trustee Act 2004, which are well-established regulatory bodies that allow for ease of trust set up and enjoyment of all BVI associated asset protection advantages.
There are several reasons why the BVI is a popular location for trust formation. For example, when setting up a BVI trust you will be subject to the bespoke taxation system of the BVI. This means you are fully exempt from taxation, as well as gaining full exemption from stamp duty, thus ensuring the ultimate protection and maintenance of assets. Other reasons why individuals choose the BVI for the formation of an offshore trust include the avoidance of forced heirship rules, meaning that the guidelines stated within the trust’s deed are guaranteed and there are no opportunities for close friends or family members to make a claim against what is stipulated within the trust.
When setting up a BVI trust, both the settlor and beneficiaries are subjected to high levels of anonymity, meaning that the information stipulated with the trust’s deed is of utmost confidentiality.
In order to open a BVI offshore trust, the settlor must transfer their assets into the trust, as managed by the trustee, who is the nominated company responsible for administering the trust. The beneficiaries are the party that ultimately benefit from the formation of the trust, while with protector is appointed to ensure that the trust is managed in compliance with the settlor’s wishes as outlined in the trust deed.
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