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Client Services Director
Specialism: Trustees Corporate Trustees, Private Client Trustees
Jonathan qualified and practiced as a solicitor in England and moved to the British Virgin Islands in 2007 with Harneys law firm and joined the Nerine Group in BVI in April 2013 as Managing Director.
Jonathan, while a non-practising solicitor in England and Wales, is also admitted as a solicitor in Anguilla and BVI and is a full member of the Society of Trust and Estate Practitioners (STEP).
Jonathan relocated to Guernsey in July 2018 to join the board of the Guernsey office, where he continues to advise on BVI structures in addition to Guernsey matters.
Jonathan Bailey currently has no Citywealth award
Average client size: Over £25 million
Fixed fee offering: No
Number of offices globally: 1-5
Sarnia House, Le Truchot
St Peter Port
Guernsey, GY1 1GR
T: +44 1481 739520
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Establishing a BVI VISTA purpose trust
We have advised on the establishment of a BVI VISTA (Virgin Islands Special Trusts Act) Purpose Trust to hold the shares of three different private trust companies (PTC). The PTCs acted as trustees on three different trusts, two for family, one with business assets and the other with investments. The third trust holds investments for charitable purposes.
The reasons for the recommendation to use the BVI for this type of structure was down to the settlors' awareness of the BVI as a jurisdiction through their experience of BVI companies; the PTC legislation is very flexible and it does not require any capitalisation or a local director. The use of a VISTA Purpose Trust to hold the shares gave the settlor the comfort of being able to use the Office of Director Rules in VISTA to determine the make-up of the board of directors in each PTC and therefore continue to have an influence and control throughout the duration of the structure.
We looked at other jurisdictions for this structure but the VISTA and PTC legislation together with the reputation and legal support in the BVI allowed the BVI to be the favoured choice.