The BVI has become the jurisdiction of choice for private trust companies following the introduction of the Financial Services (Exemptions) Regulations, 2007 (as amended, “the PTC Regulations”). Currently there are more than 1000 of these private trust companies that have been established to date.
A number of amendments to the PTC Regulations came into effect on 9 July 2021 which relate to the following:
- Unremunerated trust business
- Related trust business
- Abolition of the requirement that a PTC can only carry on “trust business”
- Directors’ remuneration
- Review of PTC Regulations
These amendments came following the recommendations from the Trust and Succession Law Review Committee (chaired by O’Neal Webster Partner Chris McKenzie) of the BVI Branch of the Society of Trust and Estate Practitioners (STEP).