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SHAREHOLDER ADMINISTERED SUCCESSION PLANNING TRUST – HOW SPENDING $500 NOW CAN SAVE $10,000 LATER

WHAT HAPPENS WHEN THE SHAREHOLDER OF A BVI BUSINESS COMPANY DIES?

Under BVI law the shares of a BVI Business Company are BVI “situs” assets. This means that they are treated as property physically located in the BVI. When a shareholder dies, the shares of the BVI Business Company form part of the deceased’s BVI estate. The process of distributing the shares to the deceased’s heirs varies depending on whether or not the deceased had a Will. 

If the shareholder died with a Will:

The deceased’s shares cannot be distributed until the deceased’s BVI Will or foreign Will are probated by the BVI courts. Probate is the process by which the court will appoint an executor to execute the terms of the deceased’s Will.

As with the probate process in other countries, the contents of the deceased’s Will becomes public as does the identity of the heirs under the Will. The process can take several months. During this time bank accounts and investment accounts may be frozen. As at January 2020 the estimated cost of probating a Will in the BVI in respect of the shares of a BVI Business Company is approximately $10,000.

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COVERDALE COVID 19 VIRUS RESPONSE

UPDATE APRIL 29, 2020

The government of the BVI announced a partial curfew ending 6:00am Sunday May 10, 2020. Certain businesses, including Coverdale Trust Services Limited will be permitted to re-open for reduced hours. The curfew will run from 1pm to 6am the following day. Businesses that are entitled to be open must adopt working hours that will permit their staff to travel between their homes and work within the permitted times.

Commencing Wednesday April 29, 2020 Coverdale will be open from 8am until 12noon weekdays, until further notice. Key Coverdale staff will be serving clients remotely during regular business hours that are subject to the curfew.

We thank you for your understanding and patience during this time.

Please visit our website, or Facebook page for updates.