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BVI Trusts are formed under the Trust Ordinance 1961 (based on the English Trustee Act 1925), as updated and amended by the Trustee Amendment Act 1993.
Since the 1993 Act, there is no requirement for registration of trusts in the BVI, and there is no public disclosure of information regarding trusts.
Due to the Amendment Act, the regime for trusts in the BVI is very flexible. The following are some of the main features of BVI trust law:
The traditional use of trusts is protection and preservation of family assets. The most common purposes for establishing trusts:
Trust is a relationship among the three parties: Settlor, Trustee and Beneficiary(ies).
Settlor is the person or corporation who establishes the Trust.
Trustee is the person or corporation appointed by the Settlor holding legal ownership of assets in the Trust for the benefit of the Beneficiaries.
Beneficiaries are the persons, corporations or charities having the beneficial right to enjoy the assets in the Trust.