BVI VISTA trusts—drafting
Produced in partnership with Mourant Ozannes
BVI VISTA trusts—drafting

The following Private Client guidance note Produced in partnership with Mourant Ozannes provides comprehensive and up to date legal information covering:

  • BVI VISTA trusts—drafting
  • Express application
  • Office of director rules
  • Intervention
  • Retention
  • Enforcement
  • The rule in Saunders v Vautier
  • Virgin Islands shares
  • Designated trustee

British Virgin Islands (BVI) trusts law is contained in the Trustee Ordinance (as amended) (Cap 303, Laws of BVI) and the Virgin Islands Special Trusts Act 2003 (as amended) (VISTA Law) (the legislation is available in the further reading links to Spitz & Clarke Offshore Service in the related documents pod and on the BVI FSC—Banking and Fiduciary Services Legislation web page). Trusts established pursuant to the VISTA Law (VISTA Trusts) are required to comply with certain prescribed formalities and may also include a number of special features made possible by the flexible and innovative nature of the VISTA Law.

Express application

The VISTA Law does not apply generally to all BVI law governed or administered trusts. In order to take advantage of the unique opportunities provided by the VISTA Law the author of the trust instrument must include an express provision that confirms its application to the trust being established. Such a clause may take the following form:

While the proper law of this Settlement is the law of the British Virgin Islands it is hereby directed that the provisions of the VISTA Law shall apply to the Virgin Islands shares specified in Schedule [●] (which shares are referred to as ‘Designated Shares’) in the manner set out in this clause and the provisions of this clause shall prevail over