BVI Legal Profession Act 2015: A New Paradigm

The New Act Proposals to introduce legislation in the British Virgin Islands (the “BVI”) to reform the regulation of the legal profession have been around for a number of years. But recent concerns about non-BVI law firms practicing BVI law, its likely negative impact on the local profession and on the financial services industry in the Islands generally, not to mention the obvious risks inherent in individuals who are lacking

Illegitimate Children have Equal Rights under BVI Law

The Status of Children Act (“the Act“) seeks to provide equal rights for children both in and out of marriage and abolish distinctions between ‘legitimate’ and ‘illegitimate’ individuals in terms of their rights to benefit under trusts. Key Changes  There are three main changes which affect trusts governed by BVI law.   (1) Dispositions of Property. There will be a presumption in any instruments that references to ‘children’ and ‘issue’,

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BVI and the OECD Common Reporting Standard

The government of the British Virgin Islands (“BVI”) has amended the Mutual Legal Assistance (Tax Matters) Act, 2003 in order to enact domestic legislation implementing the OECD Common Reporting Standard (“CRS”) which was published on 31 December 2015 (the “BVI CRS Legislation”). It is not currently intended to issue guidance notes in relation to the implementation of CRS in the BVI given the extensive guidance published by the OECD by way

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