Dec 2024
Trusts established under the British Virgin Islands’ special trust regime are referred to as “VISTA Trusts”. BVI VISTA Trusts are a form of trust unique to the BVI with special features that make them particularly attractive to those who may be reluctant to relinquish complete control of a business or company to a trustee. VISTA Trusts are similar to traditional trusts in many ways, and the body of trust law and jurisprudence which applies to ordinary trusts is also be applicable VISTA Trusts except to the extent it is modified by statue in relation to the unique features of VISTA Trusts.
What is a BVI VISTA Trust?
VISTA Trusts are an innovative form of trust specifically designed to hold shares in a BVI incorporated company. The key feature of a VISTA Trust is to restrict the trustee’s duty to monitor and intervene in the conduct of the directors and management of the trust’s underlying BVI company. This means that the trustee of a VISTA Trust may be disengaged from management responsibility in relation to such company’s affairs notwithstanding that it may have a controlling interest in the company. It therefore allows the underlying company and its business to be retained and run as its directors see fit, a feature which is attractive to settlors who are reluctant to relinquish management control of a company (and the assets of such company) to a trustee.