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…
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’,…
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…
Commercial Real Estate (including sale and purchase of commercial premises, commercial leases and developments) Residential Real Estate (including sale and purchase of residential homes, subdivision, residential leases and developments) Drafting and negotiating all forms of construction documentation (including standard form building contracts) Advising on inter-relationship between construction documentation and property documentation Our real estate experience covers both domestic and Caribbean projects for a diverse range of clients including property developers…
