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VISTA Trust

The Virgin Islands Special Trusts Act 2003 ("VISTA"), aims at providing a special form of Trust designed to allow settlors to contribute shareholdings in BVI companies, particularly family companies, and to specify the extent of the trustees duties to manage the shares.

The trustees of the Trust are separated from the management and affairs of the business, thereby leaving the business to be retained for as long as the directors deem fit. "The prudent man of business rule" is therefore eliminated under the VISTA provisions, and the trustees are allowed to be detached from actively managing the shareholding.

The VISTA regime does not apply generally to all trusts established in the BVI, but must be specifically stated to apply.

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