Trust Formation & Asset Protection - FAQs

The income of the trust is reported directly on the tax return of the current beneficiaries. Because it is a grantor trust, which is a trust in which the creator (or grantor) keeps some interest in...

A General Trust Licence holder is an entity which holds a valid general trust licence as prescribed by the Banks and Trust Companies Act, 1990 and enables the holder to carry on trust business...

A General Trust Licence holder is an entity which holds a valid general trust licence as prescribed by the Banks and Trust Companies Act, 1990 and enables the holder to carry on trust business...

A Restricted Trust Licence holder is an entity which holds a valid restricted trust licence as prescribed by the Banks and Trust Companies Act, 1990 and allows the holder to carry on trust business...

A registered agent as defined by the International Business Companies Act ("IBCA") means "the person who is at any particular time performing the functions of registered agent of a company...

An Authorised Agent is a person designated by a trust company to act as an intermediary between the licence holder and the Commission.

A principle office is the office of the Company Manager or Trust Licence holder with a physical presence in the (British) Virgin Islands.

A Trust Company is a company that carries on trust business as defined in (2) above.

Under the Banks and Trust Companies Act, 1990 General Trust Licence holders are required to have a minimum fully paid up capital of two hundred and fifty thousand dollars (US$250,000) or its...

Under the Company Management Act, 1990, a Company Manager is required to have a minimum paid up capital of twenty five thousand dollars (US$25,000).