OUR CUSTOMERS FIRST




Our expertise and operational processes allow us to structure tailor-made trusts for each client and/or transaction.



VISION


To be BVI’s premier Trust Company capable of assisting HNWIs and families in the succession of their patrimonies for generations to come.

MISION


Icaza BVI strives to guide HNWIs and families to reach a well structured corporate governance within their family businesses, and an organized succession that contemplates fiscal efficiency and wealth preservation.

REGULATORY FRAMEWORK



We are leaders in all types of estate planning trusts including discretionary trusts, fixed interest trusts, settlor- directed trusts, and purpose trusts.

Our Services

Legislation on Trust

BVI Trustee Act
The BVI Trustee Act was enacted in 1961, and has been amended in 1993, 2003, 2013, 2015, and 2021. Trustees of BVI Trusts are subject to the Prudent Man of Business Rule that establishes that the Trustee has the duty to monitor the activities of any company comprised in the trust fund and to intervene, where appropriate, to prevent the company from entering into risky ventures, or to ensure that the directors of the company maximize its financial capacity. In other words, Trustees of a Trust governed by the BVI Trustee Act are responsible for the administration or for monitoring the administration of trust assets.

In other words, Trustees of a Trust governed by the BVI Trustee Act are responsible for monitoring the administration of trust assets.
Virgin Island Special Trust Act
The Virgin Island Special Trust Act (2003) was enacted by the Legislative Council of the British Virgin Islands (BVI) on March 1st, 2004. The Vista Trust is specifically designed to hold shares of BVI companies. The difference between a Trust governed by the Vista Act and a Trust governed by the BVI Trustee Act is that a traditional trust under the BVI Trustee Act places a fiduciary duty on the Trustee to ensure that the trust assets are protected and properly administered during the life of the trust. The Prudent Man of Business Rule does not apply to Vista Trusts. The Prudent Man of Business Rule applies to traditional trusts governed by the BVI Trustee Act, which means that the Trustee has the duty to monitor the activities of any company comprised in the trust fund and to intervene, where appropriate, to prevent the company from entering into risky ventures, or to ensure that the directors of the company maximize its financial capacity. However, the Prudent Man of Business Rule does not apply to Vista Trusts. Under the Vista Act, the Trustee has a statutory duty to retain the shares of the BVI company which are subject to the Vista Trust, but the duty to preserve or enhance the value of the trust fund will be subservient to this duty.
Relevant Provisions BVI Trust Legislation
  • Reserved Powers: The Settlors, protectors, protector committees, or any third party established in a Trust Instrument may reserve the following powers under a BVI Trust: 

    • Power to revoke trust;

    • Power to amend the trust deed;

    • Dispositive powers over trust capital, income or both;

    • Power to appoint and remove the directors of underlying companies, and to direct how they vote; 

    • Power to direct trust investments;

    • Power to appoint and remove trustees, protectors, and any other office holders; 

    • Power to add and remove beneficiaries; 

    • Power to change the governing law and courts with jurisdiction over the trust; and 

    • Power to apply directions or consent requirements to any of the trustee’s powers and functions. 

  • Trust accounting records: Trustees shall maintain records, and underlying documentation of the Trust and retain them for at least five (5) years. The records and underlying documentation of the trust shall be in such form as are sufficient to show and explain the trusts’ transactions, and enable at any time the financial position of the trust to be determined with reasonable accuracy.  

    The records and underlying documentation of the trust shall be sufficient to show and explain the trust’s transactions, and enable at any time the financial position of the trust to be determined with reasonable accuracy.

 
7

BILLION IN ASSETS

200

ADMINISTERED TRUSTS

 

 

We participate in transactions covering all sectors of the national and international economy.

Including the financial, renewable energy, construction, industrial and commercial sectors.
 
October 12, 2022

Main Characteristics of a BVI Trust

British Virgin Islands (“BVI”) trust law is generally based on English law, but has developed beyond English law to allow trusts constituted under BVI law to contain modern trust provisions.
September 10, 2022

Amendments to the BVI BC ACT and BC Regulations, 2022

The BVI government has approved important amendments to the BVI Business Companies Act, 2004 that will come into force on January 1, 2023.