BVI strengthens firewall provisions in Trustee Act

Abstract When section 83 A of the British Virgin Islands’ Trustee Act came into effect in 2004 the jurisdiction was regarded as having the most sophisticated and well thought-out ‘firewall’ offering available, but, since then, the territory has arguably fallen behind some of its main competitors in...

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Bibliographic Details
Published in:Trusts & trustees 2022-09, Vol.28 (7), p.635-637
Main Author: McKenzie, Christopher
Format: Article
Language:English
Subjects:
Amendments
Inheritance and succession
Jurisdiction
Laws, regulations and rules
Management
Marital property
Trusts
Trusts and trustees
Online Access:Get full text
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Summary:Abstract When section 83 A of the British Virgin Islands’ Trustee Act came into effect in 2004 the jurisdiction was regarded as having the most sophisticated and well thought-out ‘firewall’ offering available, but, since then, the territory has arguably fallen behind some of its main competitors in this context. The technical amendments to section 83 A which took effect in July 2021 are aimed at improving the Territory’s firewall offering, which is considered critical in the context of the establishment of international trusts.
ISSN:1363-1780
1752-2110
DOI:10.1093/tandt/ttac068