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BVI trust business regulation and licensing

The British Virgin Islands Financial Services Commission describes its oversight of trust business, published licence categories, public register and application information. The regulator's published material establishes what it says about firms authorized to provide trust services.

Who regulates trust business

The British Virgin Islands Financial Services Commission oversees trust business through its Banking & Fiduciary Services Division. The Division administers the Banks and Trust Companies Act for trust business and oversees trust and corporate service providers operating in and from within the BVI. The Commission describes the general legal framework as including the Financial Services Commission Act, the Regulatory Code and the Banks and Trust Companies Act.

The Commission defines trust business to include acting professionally as a trustee, protector or administrator, and managing or administering a trust or settlement. It also includes certain will, settlement, executor and administrator roles under a Class I licence.

Published trust licence categories

The Commission lists five categories under the Banks and Trust Companies Act. Class I covers trust business and company management business; Class II covers trust business only. Class III covers company management business only. A restricted Class II licence covers trust business for up to 50 trusts named in a sworn undertaking. A restricted Class III licence limits company management activity to providing directors and officers, and shareholder services, for Virgin Islands companies, subject to applicable disclosure and reporting requirements.[1]

How the public register works

The Commission publishes a public register of regulated entities, and its entries can include a status such as cancelled. The Commission describes the public list as serving market participants and the public.[2]

A reader can use the register to see how the Commission classifies listed providers and whether an entity is a current or former regulated entity. A trustee's specific duties under a trust instrument come from that instrument, not from the register.[1]

Applying for a licence

The Licensing and Supervisory Committee of the Commission assesses applications for licences and certificates to operate in and from within the Virgin Islands. The Commission publishes separate application information for each licence category.[1]

Questions and answers

Which body oversees BVI trust business?

The British Virgin Islands Financial Services Commission oversees it. Its Banking & Fiduciary Services Division administers the Banks and Trust Companies Act for trust business.[1]

What does a Class II trust licence cover?

The Commission describes Class II as covering trust business only. It describes restricted Class II as covering trust business for up to 50 trusts listed in a sworn undertaking.[1]

Does Class III authorize trust business?

The Commission describes Class III as covering company management business only. The restricted Class III category has a specified limit on company management activity for Virgin Islands companies.[1]

What can the public register show?

The Commission's provider listing displays categories and includes filters for current and former regulated entities. The Commission maintains the public list for market participants and the public.[2]

Sources and data notes
  1. British Virgin Islands Financial Services Commission, Trust Business. https://www.bvifsc.vg/trust-business. Retrieved .
  2. British Virgin Islands Financial Services Commission, Trust & Corporate Service Providers. https://www.bvifsc.vg/regulated-entities-trust-corporate-services-providers. Retrieved .
  3. bviita.vg, https://bviita.vg/bvifars/. https://bviita.vg/bvifars/. Retrieved .
  4. harneys.com, Comparison of key trust features for the British Virgin Islands and the Cayman Islands. https://www.harneys.com/insights/comparison-of-key-trust-features-for-the-british-virgin-islands-and-the-cayman-islands/. Retrieved .
  5. walkersglobal.com, Important changes to the BVI companies law now in force. https://www.walkersglobal.com/en/Insights/2025/01/Important-changes-to-the--BVI-companies-law-now-in-force. Retrieved .
  6. conyers.com, Shares in BVI Business Companies, Avoiding a Succession Problem, Conyers. https://www.conyers.com/publications/view/shares-in-bvi-business-companies-avoiding-succession-problem/. Retrieved .
  7. harneys.com, The use of British Virgin Islands Trusts in the Middle East. https://www.harneys.com/insights/the-use-of-british-virgin-islands-trusts-in-the-middle-east/. Retrieved .
  8. ogier.com, VISTA Trusts in the British Virgin Islands | Ogier. https://www.ogier.com/news-and-insights/insights/vista-trusts-in-the-british-virgin-islands/. Retrieved .
  9. mourant.com, British Virgin Islands: Trusts, Mourant. https://www.mourant.com/guides/british-virgin-islands-trusts/. Retrieved .

Dates in this block record when each source was read for this page.