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The Financial Services (Exemption) Regulations 2007 (“the Regulations”) which came into effect on 1 August 2007 amend the law in the BVI to provide a new exemption regime for private trust companies. Under the new Regulations companies incorporated in the BVI with the intention of acting as “unremunerated trustees” or carrying on “related trust business” must satisfy certain statutory conditions in order to be exempted from the requirement to obtain a trust licence under the Banks and Trusts Companies Act 1990 (“BTCA”). The Banks and Trusts Companies (Application Procedures) Directions, 1991 have been revoked and can no longer be relied upon.
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New Exemption Regime for BVI PTCs