BVI/Cayman Islands trusts comparison
Produced in partnership with Mourant Ozannes and Carey Olsen
BVI/Cayman Islands trusts comparison

The following Private Client practice note produced in partnership with Mourant Ozannes and Carey Olsen provides comprehensive and up to date legal information covering:

  • BVI/Cayman Islands trusts comparison

BVI/Cayman Islands trusts comparison

British Virgin IslandsCayman Islands
English law/equityApplied by the courts save to the extent modified by British Virgin Islands (BVI) legislation or case law.Applied by the courts save to the extent modified by Cayman Islands legislation or case law.
Constitutional statusBritish Overseas Territory—self-governing member of the Commonwealth.British Overseas Territory—self-governing member of the Commonwealth.
Principal trusts legislationTrustee Act (as amended)
Virgin Islands Special Trusts Act 2003 (VISTA Law)
Trustees’ Relief Act
Recognition of Trusts Act (Overseas Territories) Order 1987
Trusts Law (2020 Revision)
Banks and Trust Companies Law (2013 Revision)
Fraudulent Dispositions Law (1996 Revision)
Perpetuities Law (1999 Revision)
CourtsIndependent court system and judiciary with the Privy Council as the final court of appeal. Member jurisdiction of the Eastern Caribbean Court System.Independent court system and judiciary with the Privy Council as the final court of appeal.
Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (also known as the Hague Trusts Convention)Most of the provisions have been adopted by legislation and many provisions are reinforced by BVI legislation relating to conflicts of law.Not extended to the Cayman Islands
TrusteesMinimum of one trustee (corporate or individual) required.

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