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It is, perhaps, one of “Nature’s Little Secrets” that the BVI has quietly been establishing itself as a successful trust and private client jurisdiction over the last fifteen years or so. More famed as an “incorporation” jurisdiction, it nonetheless now has over 100 active trust companies on island and four major offshore multinational law firms with dedicated trust and private client departments. What has brought about this steady increase in trust and private client business? Two factors, in particular, may be highlighted.
First, the gradual evolution of a modern legislative framework tailored to fit the offshore trust. Second, the establishment of a legal profession which can service the needs of a substantial trust and private client sector both at set up and further down the line as advice is needed and disputes begin. This article offers a summary of the legislative framework and concludes with some remarks on the BVI legal infrastructure.
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Trust & Private Client in the BVI: Nature’s Little Secrets