BVI Offshore Trust
DeltaQuest has a wealth of knowledge and practical experience in offshore trust formation, and can assist you with every stage of your BVI VISTA trust, from its formation to the administration of the trust. Through the set up of a BVI VISTA trust, you will be benefitting from the favorable asset protection and tax planning conditions.
To view the conditions of a BVI VISTA trust formation, please view our BVI Trust Formation page.
To begin the process of applying for a BVI VISTA trust, please complete our Trust Application Form.
What Constitutes a BVI VISTA Trust
Firstly, a BVI VISTA trust is one where an agreement is made between a “Settlor” (who transfers assets/personal wealth into the trust) and the “Trustee” (who is the nominated company with the responsibility of administrating the trust). The settlor of aVISTAtrust can be a company or individual provided the individual is over 18 yrs of age.
The purpose of the trust is for the benefit of a beneficiary. The trustee for aVISTAtrust must be a company, which holds a licence to undertake trust business under the Banks and Trust Companies Act, 1990.
The settlor can also call for a “Protector”, who can be given the power to appoint or remove trustees and include or exclude beneficiaries. A protector is usually someone impartial and separate from the settlor and beneficiaries of the trust.
The VISTA Act
VISTA Act, formally known as the Virgin Islands Special Trusts Act 2003 is the applicable act for BVI VISTA trusts. The act is not applicable to other BVI trusts and will only be relevant where stipulated in the trust instrument.
As per the VISTA Act, trustees ofVISTAtrusts with a shareholding in a BVI IBC can disengage the trustee from management responsibilities.
Characteristics of a BVI VISTA Trust
It is accepted that BVI trusts are fully exempt from taxation where the trust has no beneficiaries resident in the BVI and does not conduct any form of business in the BVI. It must also be satisfied that BVI does not own any land in the BVI in order to obtain the tax exempt status.
The amount of time required to set up a BVI trust is typically 10 working days to encompass the set up and legalization of documentation, plus delivery by courier.
Advantages of BVI Trusts
- Favorable tax planning
- High level of asset protection
- Foreigner ownership is permitted
- High level of anonymity
- Avoidance of forced heirship rules
- Favorable laws, Virgin Islands Special Trusts Act 2003
Set up a BVI Trust with DeltaQuest
DeltaQuest are experts in trust formation and can draw on international resources in order to establish your BVI trust in a timely, professional and confidential manner. We will ensure your trust is established in accordance with the applicable Virgin Islands Special Trusts Act 2003 and can advise you on how to use your trust legally, while achieving maximum optimization. From assisting you in filing the necessary documentation, to providing trustee services and trust set up consultancy, we can assist you with all your BVI trust needs.
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