Executive Director of the IFC Ms. Sherri Ortiz

According to the Executive Director of the IFC Ms. Sherri Ortiz, last week IFC and members of the private sector visited Zurich and Luxembourg to discuss the advantages of conducting business in the Territory while focusing specifically on succession and planning opportunities using BVI trusts.

In speaking at the Luxembourg Monetary and Finance forum on September 20, Ms. Ortiz reiterated the BVI’s continued actions to demonstrate that it is a reputable well regulated jurisdiction with a highly qualified financial centre. The European audience learned about the international recognition the BVI recently received for its strong performance, this included accounts from the International Monetary Fund (IMF) which reported in October last year that the global financial crisis had not affected the health of BVI financial institutions.

Ms. Ortiz said, “Key industry decision-makers in Zurich and Luxembourg including wealth and investment managers, bankers, among others learned about what the BVI has to offer in the field of trusts and wealth planning.”

She said that particular focus was given to the unique structuring advantages of the Virgin Islands Special Trusts Act (VISTA) and the benefits of Private Trust Companies (PTCs) for succession planning.

Members of the private sector taking part in the tour included Mr. Kenneth Morgan, a partner at Rawlinson & Hunter Ltd.; Head of Trust and Private Client Practice of Conyers Dill & Pearman Mr. Raymond Davern; Mr. Tony Pursall, a partner at Maples and Calder and Mr. John Greenwood, an offshore legal consultant.

Mr. Davern said, “It was gratifying to detect real interest in the BVI as a trust and private client jurisdiction,” adding, “Questions from the floor in Zurich evidenced considerable familiarity with the BVI trust product. The level of interest in the Luxembourg event suggests also that service providers in that jurisdiction are seriously looking at the BVI as a jurisdiction which can meet their clients’ wealth management needs.”

Mr. Morgan explained, “It is essential to maintain the close contacts we have with the professional communities in these leading European jurisdictions. Both Switzerland and Luxembourg provide services which often include a BVI element, and sometimes a substantial one. We therefore welcome any opportunity to cement these ties and build upon the valuable relationships that have been nurtured over many years”
Ms. Ortiz told the Department of Information and Public Relations that she was particularly impressed by the level of interest from both audiences, who asked a range of technical and legally based questions and participated enthusiastically in discussions with BVI service providers.

“I believe the event has provided a solid opening for building deeper commercial relationships not just in Luxembourg and Switzerland, but elsewhere in Europe,” she said.

The BVI IFC plays a pivotal role in the promotion and marketing of the BVI as a leading financial centre. Its mission is to create a shared understanding of the value and benefits of the financial services sector to the BVI and its stakeholders as well as develop and execute information and education programmes to foster awareness and understanding of the BVI as a financial centre.