ARTICLE · 12 SEPTEMBER 2018

Out With The Old – BVI Probate Rules

Ogier

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Shares in a British Virgin islands (BVI) company, held personally or via a nominee arrangement, will be effectively frozen on the passing away of the individual shareholders.

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Key Points

What is the issue?

Shares in a British Virgin islands (BVI) company, held personally or via a nominee arrangement, will be effectively frozen on the passing away of the individual shareholders. A BVI grant is required to transfer the deceased shareholder's shares.

What does it mean for me?

The BVI has entirely revoked its old probate rules, which had been used for more than 30 years, and the new rules, the Eastern Caribbean Supreme Court (Non-Contentious Probate and Administration of Estates) Rules 2017, came into effect on 1 November 2017.

What can I take away?

There are no fundamental changes to the BVI probate process – but there are numerous important changes to a range of the documents and steps involved, and clarification on a number of significant issues.

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