The British Virgin Islands is amending its legislation so that special trust vehicles can hold shares in private trust companies (PTCs), thus broadening the appeal of the vehicles.
The Virgin Islands Special Trusts Act (VISTA), which came into effect in March 2004, allows trustees of VISTA trusts which hold a shareholding in a BVI International Business Company to disengage the trustee from management responsibilities.
According to a report by Trustnet, it is anticipated that the legislation will be amended to enable applications for exemption from trust licensing to be made when an unremunerated PTC is not offering its services to the public.
"Once this amendment comes into effect, the BVI financial services industry expects a great deal of use will be made of Vista trusts as charitable or non-charitable purpose trusts to hold shares in PTCs," Christopher McKenzie, partner of law firm Walkers, noted in the report.
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