Vistra, a Luxembourg-based corporate services group, has established a new subsidiary in British Virgin Islands, called Vistra Trust (BVI) Limited, to address the growing demand for trust services in the island.
Vistra has named Simon Filmer as managing director of the new BVI operation.
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Filmer, who has over 14 years of experience in the fiduciary services industry, will focus on corporate business, trusts and investment business.
Vistra BVI services will include the establishment of a range of BVI trust and corporate structures; trustee, protector and full administration services; and the provision of corporate director and nominee shareholder services.
Commenting on the launch, Filmer said: "Being granted a Class II Trust License by the BVI Financial Services Commission allows us to conduct BVI trust business without limitation. This includes the innovative VISTA Trust which remains attractive to international clients.
"A short-form revocable VISTA trust precedent has also been developed, the Vistra Succession Trust, which is a very cost-effective way of avoiding probate for shareholders of BVI companies. We have already seen considerable interest for BVI trust services throughout the Group, including from Hong Kong, Singapore and Dubai."
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