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Comparison of 5 major jurisdictions
Cayman Islands, Trust Period:150 years. Yes, the Settlor can reserve the following powers to themselves or to the Protector: Power to appoint or remove trustees; Power to appoint or remove beneficiary or alter the class of beneficiaries; Power to give investment direction to the Trustee regarding the investment of the trust fund; Power to vary, amend or revoke the trust instrument;
Introduction of Jersey Trust
Jersey is a well-established trust jurisdiction and an international finance centre. It has a modern trust legislation and an effective judicial system. Jersey law is derived from English common law, as supplemented by the Trusts (Jersey) Law 1984 (the “Trust Law”). Jersey is a leading jurisdiction for the establishment and management of trusts.
Introduction of British Virgin Islands Trusts
The British Virgin Islands is a well-established trust jurisdiction. It has a modern trust legislation and an effective judicial system. British Virgin Islands (“BVI”) law is derived from English common law, as supplemented by the Trustee Ordinance Act 1961 (the “Act”) (updated by the Trustee (Amendment) Acts of 2013 and 2015) and Virgin Islands
Trust Introduction
Trust originated from the Common Law concept in England, it is a legally binding arrangement in which the owner of assets known as the Settlor transfers the right to hold the legal ownership of assets to the Trustee for the benefit of the beneficiaries in accordance with the terms of the Trust Deed. The assets held under the Trust are for the benefit of the beneficiaries during the lifetime of the Settlor and after the Settlor’s death.
Introduction of Cayman Islands Trusts
The Cayman Islands is a well-established trust jurisdiction. It has a modern trust legislation and an effective judicial system. Cayman law is derived from English common law, as supplemented by the Trusts Act (2021 Revision) (the “Trust Act”). The Trust Act provides flexibility and high level of protection for the trust related parties which makes the Cayman Islands a competitive jurisdiction to establish a trust.
BVI Business Companies Act 2023 - Annual Return
Key requirement under the new ACT that BVI companies are now required to provide certain financial information in the Annual Return to the Registered Agent annually. BVI Business Companies (Financial Return) Order 2023 (the “ORDER”) has been released recently list out the requirements about form and date of filing.
BVI Company Annual Renewal Guideline Note
A British Virgin Islands company is required to renew its registration, registered agent and registered office in the year following the year of registration and each year thereafter (all together known as basic annual renewal). The amounts of basic annual renewal fees are USD950 and USD1,850 for companies with a capital of 50,000 shares and more than 50,000 share respectively.
BVI Economic Substance (Companies and Limited Partnership) Act, 2018
If your company is a tax resident outside of the BVI (except for jurisdictions included in the EU list of non-cooperative jurisdictions), the economic substance requirements do not apply to your company. To prove the non-resident status in BVI, the government of the BVI may require you to provide the satisfactory evidence such as Tax Identification Number, Tax Residence Certificate and assessment or payment of a tax liability, etc.
Significant Amendments to the Seychelles Beneficial Ownership Act
Beneficial Ownership (Amendment) Act, 2022 has been enacted with effect from 30 December 2022 which replacing the original The Beneficial Ownership Act, 2020 for the purpose of ensuring the on-going compliance with international standards.
Information Obtained by a Third Party for a BVI Company
British Virgin Islands (BVI) has been an attractive place for incorporation a private company due to its high confidentiality. However, under regulation of BVI laws, there are some documents and information about a BVI company that a third party can obtain from public and third party sources.