On Thursday 5 December the ECSC Court of Appeal handed down an order bringing much needed clarity to the Eastern Caribbean Civil Procedure Rules (the CPR) relating to service out of foreign judgments and arbitral awards. The...more
The list of Non-Cooperative States has been expanded to include Jersey, Bermuda and the British Virgin Islands. As from 1 January 2014, sums paid into these states are subject to a withholding at the source of 75% and are no...more
On 8 August 2013, the Court of Appeal issued its ruling in the case of Microsoft Corporation v Vadem Ltd . The judgment at first blush appears quite definitive, that “BVI law does not permit double derivative...more
Below is a summary of recent cases out of the British Virgin Islands (BVI) Commercial Court, compiled by Harneys’ Litigation team.
Ruling on the use and status of ancillary relief proceedings and forum non conveniens...more
Key recent decisions in the BVI Commercial Court have shaped the applicability and enforcement of arbitration clauses and notably how they interface with BVI statutory remedies and liquidations.
Harneys take a look at...more
Harneys is advising clients that there are new regulations governing the use of restricted company names in the British Virgin Islands.
The BVI Financial Services Commission (FSC) recently added 46 names to the...more
I OVERVIEW OF M&A ACTIVITY -
British Virgin Islands (BVI) companies are employed in geographically diverse corporate structures, with the effect that challenging global economic conditions have continued to dampen the...more
Derivative Actions Defined -
A derivative action occurs where a member of a company, usually a minority shareholder, pursues a cause of action on behalf of the company. S184(c) of the BVI Business Companies Act 2004...more
Cayman and BVI financial services regulators have announced Memoranda of Understanding (MOU) with 25 European countries which will enable the continued marketing of Cayman Islands and BVI funds throughout the majority of...more
This case, Australian Securities & Investment Commission (ASIC) in the matter of Northwest Resources Limited v Craigside Company Limited BVI company number 74124 named in the Schedule  FCA 201 considered when it is...more
On May 17, 2013, the United States Court of Appeals for the Third Circuit issued its opinion in the case of Cooper v. Comm’r of Internal Revenue, ___ F.3d ____, 2013-1 U.S. Tax Cas. (CCH) P50,331. The opinion is a...more
As evidence of its continued commitment to transparency in the financial services industry and its compliance with international standards, the British Virgin Islands executed a much anticipated Tax Information Exchange...more
On May 22, 2013, Judge Jacobs writing for the United States Tax Court ruled against the IRS which had taken the position that the statute of limitations did not apply to Virgin Islands taxpayers who filed an income tax return...more
Since 2007, it has been possible in BVI to establish a Private Trust Company (“PTC”) which may act as trustee of trusts without the need to obtain a BVI trust licence as long as certain conditions are...more
The Virgin Islands Special Trusts Act (“VISTA”) came into force on 1 March 2004 and was introduced in order to allow a shareholder to establish a BVI trust over a BVI company which disengages the trustee from...more
The British Virgin Islands is a well respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English law and they have been supplemented by...more
A trust is a legal relationship created when a person (the settlor) places assets under the control of another person (the trustee) for the benefit of beneficiaries or a specific purpose. The trustee is...more
I OVERVIEW OF M&A ACTIVITY -
Given the international financial climate, it is perhaps unsurprising that the past 12 months have seen unpredictable deal flows involving British Virgin Islands (‘BVI’) companies, with...more
The British Virgin Islands and the Cayman Islands are currently in dialog with the UK government on a number of issues related to the UK’s G8 economic agenda, including enhanced transparency and exchange of information for...more
British Virgin Island (“BVI”) and Cayman Islands companies have been a popular choice of investment vehicle for Hong Kong and Chinese companies and individuals. This article explores the key tools available to members of BVI...more
The Court of Chancery’s memorandum opinion in Eluv Holdings (BVI) Ltd. v. Dotomi, LLC awarded a defendant company summary judgment on plaintiffs’ claim for declaratory judgment regarding their purported ownership of...more
This table provides a basic comparison of key features of BVI and Cayman investment funds in areas including legal structures, types of funds available and regulatory issues. Updated February 2013.
Please see full table...more