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The British Virgin Islands Financial Services Commission ("FSC") announced on 9 September 2008 the creation of a new Annual Return regime for BVI investment funds.

The BVI statutory merger process is recognized globally and has been used effectively for many years. However, today, more global entities increasingly use BVI statutory mergers in high-value cross-border transactions.

At the 11th hour, the British Virgin Islands Financial Services Commission announced that the Companies Act, 1884 would not be repealed on 31 December 2007 as previously indicated.

The recently enacted Securities and Investment Business Act, 2010 ("SIBA") of the British Virgin Islands ("BVI") will come into effect on 17 May 2010.

The claim in this matter, Zorin Sachak Khan et al v Gany Holdings et al BVI HCMAP 2014/0018, concerns the appropriation of trust property and it sought various trust-related remedies.

In the complex world of offshore asset management, ensuring the security of one's interests becomes even more critical when the owner is incapacitated.

The rise in the number of global HNWIs has seen an increase in demand for lifestyle assets such as yachts, art work, prime real estate and private jets.

Generally speaking the British Virgin Islands ("BVI") is an extremely flexible jurisdiction in relation to the granting and registering of security interests.

The principle established in 1974 in the case of "Hastings-Bass ([1975] Ch 25 (CA))" has in the past allowed a Court to set aside an action taken by Trustees who have failed to take some important factor (such as tax considerations) into account when deciding to take the action.

The trust has always been regarded as one of the best "succession vehicles," but its use to cater for the succession of shares in companies has historically been impeded by a rule of English trust law (the "prudent man of business rule") which is designed to help preserve the value of trust investments.

The British Virgin Islands Commercial Court has recently delivered a decision in Western Union International Limited v Reserve International Liquidity Fund Ltd which addresses the issue of when during the redemption process a redeeming investor becomes a creditor of the fund and is therefore entitled to apply for the appointment of a liquidator.

New legislation has been recently enacted to further refine the trust legislation, especially the use of Private Trust Companies and VISTA trusts, which will help to ensure that BVI remains at the cutting edge of international trust planning and a jurisdiction of choice for high net worth families from around the globe.

As investors continue to seek innovative ways of investing, managing and safe-guarding their resources, an increasing number are considering the specially crafted Harneys’ Share Trust, which is regarded as a useful tool for succession planning.

The offshore hedge fund industry has typically suffered from a lack of relevant offshore case law. This has changed.

Most offshore jurisdictions use every effort to ensure that the key statutes and laws relating to financial services business are updated regularly to keep pace with the changing landscape of cross-border commerce.

The British Virgin Islands ("BVI") Government signed an agreement ("UK/BVI IGA") with the United Kingdom providing for automatic exchange of financial information relating to UK tax payers who hold accounts with BVI financial institutions, in November 2013.

The use of the trust to cater for the succession of shares in companies has historically been impeded by the ‘prudent man of business rule’1 designed to help preserve the value of trust investments.