Abstract
The year started with an announcement that the laws in relation to Private Trust Companies (‘PTC’) were to be updated. Over the past 12 months new legislation has been introduced specifically to allow PTC in the BVI. A BVI PTC will be able to apply for exemption from the requirement for a corporate trustee who operates from within the BVI (and this includes all companies incorporated in the Territory) to hold a Trust Licence. Application procedures will be streamlined and very swift to allow formation within a short time period. At the time of writing, it is understood that approvals will be retrospective for applications from PTC that had previously sought to take advantage of specific exemptions under the old legislation. Regulations in respect of the PTC procedures for exemption are expected shortly. Draft legislation is to be introduced at some point during the next year to regulate the legal...
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