BVI Trusts

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BVI Strengthens Firewall Provisions in Trustee Act

When section 83 A of the British Virgin Islands’ Trustee Act came into effect in 2004 the jurisdiction was regarded as having the most sophisticated and well thought-out ‘firewall’ offering available, but, since then, the territory has arguably fallen behind…

Groundbreaking New Provisions in Variation of BVI Trusts

The British Virgin Islands (BVI) has enacted innovative new trust legislation which includes provisions conferring on the BVI court an additional power to vary BVI trusts. The legislation, which is unique but which was inspired by section 47 of Bermuda’s…

BVI Introduces New Reserved Power Trust Legislation

When trusts in international financial centres are established, settlors will inevitably require a certain level of comfort by ensuring that certain critical powers are reserved by themselves or are granted to others such as protectors. The British Virgin Islands was…

BVI Introduces Significant New Trust and Estate Legislation

BRITISH VIRGIN ISLANDS, March 2021– O’Neal Webster is pleased to confirm that the British Virgin Islands (BVI) Government has introduced a substantial number of changes to its trust and estate legislation following recommendations made by the Trust and Succession Law…

Further Amendments to the BVI’S Trust and Estate Legislation 2021

By Christopher McKenzie O’Neal Webster is pleased to be able to advise that, in addition to other ground-breaking changes to its trust and succession laws, which are covered elsewhere, two new statutes, the Property (Miscellaneous Provisions) (Amendment) Act, 2001 and…

BVI Extending Ability to Reseal Foreign Grants of Probate and Administration

BVI extending the ability to reseal foreign grants of probate and administration in the territory to numerous other jurisdictions By Christopher McKenzie Background The BVI’s earlier Probates (Resealing) Act, which was enacted in the 1930s, enabled a simplified procedure to…

BVI Strengthens Firewall Provisions in Trustee Act

O’Neal Webster is pleased to announce that the ‘firewall’ provisions in the BVI’s Trustee Act are now to be made more robust as a result of amendments to section 83A of the Trustee Act which came into effect on 9…

Groundbreaking New Provisions in Variation of BVI Trusts

O’Neal Webster is pleased to confirm that the British Virgin Islands Government has introduced some cutting-edge reforms in relation to the ability of the court to vary BVI trusts without the consent of beneficiaries. The new provisions, which came into…

Making a Will Won’t Kill You

Why Shareholders of BVI Companies and the Owners of BVI Real Property Should Consider Executing Wills Many people tend to put off the preparation of a will to a future date, but there are numerous reasons to grab the bull…
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