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British Virgin Islands: BVI Private Trust Company

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[ Fact Sheet BVI BC ] [ BVI Private Trust Companies ] [ Bearer Shares Custody ] [ BVI Annual Renewal ] [ BVI Public Holidays ]

The British Virgin Islands adopted the Financial Services (Exemption) Regulations 2007 which came into effect on the 1st of August 2007. These regulations provide for private trust companies to act as trustees of private trust, subject to complying with certain requirements. These limitations regulate companies that intend to act as "unremunerated trustees" and/or carry on "related trust business". These companies will be exempted from the legal requirements of obtaining a trust license under the Banks and Trust Companies Act 1990.

The basic requirements to qualify for exemption under these regulations are the following:

Incorporate a BVI Business Company, limited by shares or guarantee (that is, a limited liability company).
The M&AA must explicitly state that the company is a Private Trust Company and incorporate the letters PTC at the end of its name, before the suffix used to demonstrate that it is a limited company.
The BVI Registered Agent must hold a Class 1 Trust License
The company will be limited to either "unremunerated trust business" or "related trust business" and may not solicit trust business from the public. It may not carry on business other than that of being trustee, protector or administrator of trusts. So, the company cannot be used by the client for holdings or investments, other than in its capacity of trustee.

Note: it is not necessary to request the approval of the BVI Financial Services Commission for the exemption of the PTC.

It should also be noted that for a PTC, the Government Fees (for incorporation or annual renewal) are substantially higher than those charged for a standard BC ($750.00 to $1,500.00, rather than the standard $350.00 to $1,100.00).

Incorporation fees will also be higher.

For more information, please contact our office.

[BVI Public Holidays]

British Virgin Islands Legislation - Legislation Library of the BVI Financial Services Commission

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Last edited: 04-Oct-2008