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Congratulations to O’Neal Webster Trusts & Estates practice head Chris McKenzie, TEP, recipient of the Society of Trust and Estate Practitioners (STEP) Lifetime Achievement Award at the 2026 Private Client Awards, held in London, England, on September 17, 2026. The award recognizes Chris’ decades of service to the international private client profession and a career that has helped shape both trust law and professional practice across the Caribbean.
“Chris McKenzie’s contribution to the trust and private client services in the BVI is unparalleled,” said the Honourable Lorna G. Smith, OBE, TEP, Junior Minister for Financial Services and Economic Development. She cited his role in developing innovative legislation, including the Virgin Islands Special Trust Act (VISTA), and his longstanding work with government, the BVI Bar, STEP, and the Financial Services Commission.
His intellect, persistence, principled advocacy, and commitment to the profession have left a lasting mark on the institutions and people he has served.
“Chris has given an extraordinary amount of his time and expertise to strengthening the private client profession,” said O’Neal Webster Managing Partner Vanessa King. “We are immensely proud to see that commitment recognized by STEP with its Lifetime Achievement Award.”
Congratulations, Chris, on this well-deserved recognition. Learn More Here.
Maritime operations are complex and subject to a wide range of external factors, such as delays, sanctions, embargos, regulatory requirements, market conditions, and weather conditions. In this context, contractual oversights can become costly.
There is a common misconception that generic contract templates are widely applicable across different types of maritime transactions, and sufficient for any jurisdiction. However, what works in one transaction may be unsuitable in another. Each agreement must be tailored to the specific realities of the vessel, the trade, the countries involved, and the commercial intent of the parties.
Maritime attorney Hermia Tench has written a brief “best-practices” article. Read it here >>>
One of the most common frustrations for superyacht owners is the rigidity of the choice between private and commercial registration. Register privately and the yacht cannot charter; register commercially and the administrative burden, the crew requirements, and the regulatory footprint increase substantially. VISMA has addressed that tension directly. Under its newly launched Yacht Engaged in Trade (YET) programme, a BVI-flagged superyacht of 24 metres or more can now do both — chartering for up to 84 days a year in some of Europe’s most desirable waters while remaining on a Pleasure Certificate of British Registry for the rest of the time. The YET certificate is taken on temporarily for each charter period and falls away automatically when the charter ends. There is no permanent conversion to commercial registration and no repeated registration process. Continue reading here >>>>
On April 1, 2026, the BVI Financial Services Commission (BVI FSC) formally launched its legitimate interest transaction functionality, allowing beneficial ownership information to be obtained for BVI companies and limited partnerships where a valid interest can be demonstrated within a controlled non-public framework.
This article, prepared by O’Neal Webster Partner Christopher Simpson, examines the BVI’s primary beneficial ownership principles, including how access through the “legitimate interest” standard is expected to function.
Limitation of liability in the BVI Merchant Shipping Act is a legal mechanism that allows a shipowner (or other entitled party) to cap their total financial exposure to maritime claims at a maximum amount, regardless of the actual value of the claims. It applies to claims arising from collisions, cargo damage, personal injury, loss of life, delay, wreck removal and other incidents.
Limitation claims play a vital role in protecting shipowners and other parties from disproportionate liability arising in maritime and commercial contexts. Learn more >>>
For investors and family offices operating internationally, managing risk while keeping structures simple is a challenge. The British Virgin Islands (BVI) offers a well-established solution: segregated portfolio companies (SPCs).
An SPC is a single company that can be divided into multiple legally protected portfolios, each of which can hold its own investments, contracts and liabilities separately.
What makes the BVI SPC particularly attractive is that this separation is set out in law rather than based solely on internal accounting, contractual arrangements or constitutional documents.
The following is the fourth and final part of the very popular series written by Chris McKenzie. Topics covered in Part Four:
