Roadtown, Tortola - Premier Hon. Ralph T. O’Neal, OBE will open the 2009 Caribbean Conference for the Society of Trust and Estate Practitioners in Puerto Rico on Monday, 4 May. 

The BVI is playing host to the 11th annual STEP Caribbean Conference, which has become the leading international forum for discussion, networking and learning for the offshore financial services industry.

Commenting on the STEP Caribbean Conference, the Premier said “The BVI is delighted to be hosting this year’s STEP Caribbean Conference and we will be making Puerto Rico a real home away from home. Hosting this conference underlines our commitment to maintaining the BVI’s position as the premier destination for international business services, tourism and leisure.”

He added that “the BVI is now widely recognized throughout the world as a leading offshore centre for international trust business and is home to an increasing number of highly qualified trust and estate practitioners. I am pleased that so many of these practitioners will be attending this year’s conference, particularly those senior officers of BVI STEP who have been instrumental in organizing this event. ”

The theme for the May 4-6 conference is ‘Leading in Turbulent Times’ and it will include presentations designed to address the challenges of the current global economic climate.

The BVI delegation to the 11th annual STEP Caribbean Conference will include representatives of the Government, the Financial Services Commission, the International Finance Centre and the BVI Tourist Board. 

There is also significant representation from the BVI’s financial services private sector.
Among the topics to be discussed at the conference are the role of international finance centres in the global economy and current issues involving commercial trusts.

The development and growth of the trust business in the BVI owes much to the strong collaboration between Government and the private sector in responding to the needs of the jurisdiction’s international client base.

As a result, legislation such as the Virgin Islands Special Trusts Act 2003 (VISTA) and the BVI’s Trustee Act 2003 (the Amendment Act), have created an environment that has consolidated the BVI’s position as the location of choice for international trust settlements and operations.

Both VISTA and the Trustee Amendment Acts were based on proposals which were made to the BVI government by the BVI branch of the Society of Trust and Estate Practitioners (STEP). The recent Private Trust Company (PTC) legislation has also further enhanced the BVI’s international reputation for trusts and estate-planning products.

The BVI Branch of STEP was formed in September 1997 and since then the Territory has consistently participated in events organised by STEP in an ongoing effort to remain on the cutting edge in the financial services arena.