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In recent years, there has been a marked increase in specifically Chinese investment and personal wealth being structured through BVI corporate and trust structures, both indirectly through Hong Kong and Singapore and directly from financial centres in the People’s Republic of China (the “PRC”) itself.
In 2003, the BVI’s trust legislation was substantially revised in a number of important respects, effective 1 March 2004. Key among these for present purposes was the enactment of the Virgin Islands Special Trusts Act 2003 (“VISTA”) and a new section 83A of the Trustee Act which, amongst other things, clarified the BVI rules of private international law concerning transfers of foreign assets into BVI trusts. This article outlines some of the uses of VISTA in this context.
This article was originally published as an Opinion Piece in Legal Week.
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Using Trusts Effectively in a Cross-Border Context: Case Study – The BVI