Opportunities For Private Clients In The British Virgin Islands

A new generation of offshore incorporations

Succession planning for offshore incorporations, particularly those where companies are controlled by one individual, needs careful consideration. Problems can arise where a significant proportion of shares in a BVI company are held by a foreign-domiciled deceased individual with a foreign will or no valid will at all, particularly where the deceased was the sole director of the company.

As a matter of BVI law, a BVI grant of probate has to be obtained to allow shares in a BVI company to pass to the intended successors. This can be a complex and time-consuming process, typically involving a substantial degree of correspondence between those involved, as well as potential translations of key documents, together with accompanying affidavits and an affidavit of foreign law.