Roadtown Tortola BVI, June 30th 2011 - According to Executive Director of the IFC Ms. Sherri Ortiz, last week lawyers from BVI and London-based firms discussed the uses of the Virgin Islands Special Trust Act, 2003 (VISTA) and Private Trust Companies (PTCs). 

The benefits of using the Territory of the Virgin Islands as a jurisdiction for trusts and estates were the recent focus of an International Finance Centre (IFC) sponsored roundtable discussion with senior private sector individuals at the BVI House in London.

Ms. Ortiz said, “The BVI continues to provide a balance between meeting the requirements of international business within a regulatory environment that meets international standards.”

The roundtable discussion heard from Mr. Zac Lucas, a partner at Ogier BVI, who outlined the structuring of the ownership and control of a BVI private trust company.

In highlighting and expounding on VISTA, Mr Lucas said, “VISTA deregulates trustee investments obligations with respect to shares of BVI companies held in trust,” adding, “It is a very simple mechanism to invoke.”

Other areas of discussion included an overview of the different legislations supporting trust business and the impact of the different rules and their uses. Additionally, the participants discussed the typical BVI trust structures and how international developments were likely to impact the sector in the future.

Participants also included the Head of Trust and Private Client at Conyers Dill & Pearman Mr. Raymond Davern and Director of Private Clients at Equity Trust (BVI) Mr. Nicholas Lane, who offered their advice via a conference call direct from the BVI.

The roundtable followed on the heels of the BVI’s representation at the Transcontinental Trusts conference in Geneva, Switzerland, and the signing of a Tax Information Exchange Agreement (TIEA) with the Czech Republic. It is the twenty- second such agreement the BVI has signed.

Deputy Premier Honourable Dancia Penn, OBE, QC, represented the BVI at the signing and extended greetings on behalf of the Premier and Minister of Finance Honourable Ralph T. O’Neal, OBE, at an evening presentation wherein Mr. Christoph Gutmann, Managing Director of ATU BVI Ltd. provided an overview of the Territory’s private wealth management opportunities.

Additionally, the IFC hosted a cocktail reception for members of the London private sector, including representatives of the English Commercial Bar Association, (COMBAR), which hosted the BVI’s first law conference at Scrub Island on April 14-16.

The BVI IFC plays a pivotal role in the promotion and marketing of the BVI as a leading financial centre. Its mission is to create a shared understanding of the value and benefits of the financial services sector to the BVI and its stakeholders as well as develop and execute information and education programmes to foster awareness and understanding of the BVI as a financial centre.

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