The Trustee (Amendment) Act, 2021 came into force on 9 July 2021 introducing a range of important new and updated provisions into the BVI's Trustee Act, 1961 ("TA"). The amendments move the BVI's trusts regime into line with, and in certain aspects ahead of, its competitor jurisdictions in the offshore trusts marketplace.
The principal changes include:
- Powers of the Court to vary trusts without beneficiary consent;
- Setting aside the flawed exercise of a fiduciary power;
- Extending the firewall;
- Reserving trust powers; and
- Record-keeping obligations for trustees.
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