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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 2, 2020

On April 1, 2020, the government of the BVI announced an extension of its initial curfew ending 6:00am Thursday April 2, 2020. There will be a limited curfew from April 2-4 to permit residents to shop for essentials and conduct banking. A 24 hour curfew will commence 6pm Saturday April 4 and run until the end of the day Thursday April 16, 2020. Businesses and government offices will continue to operate remotely to the extent possible. However, some services will not be available during this period.

Key Coverdale staff will be serving clients remotely. We will be able to submit applications and requests to the Registry of Corporate Affairs electronically. We will not be able to conduct litigation searches.

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

Please visit our website, or Facebook page for updates.

 

COVERDALE COVID 19 VIRUS RESPONSE

UPDATE APRIL 2, 2020

 

 

On April 1, 2020, the government of the BVI announced an extension of its initial curfew ending 6:00am Thursday April 2, 2020.  There will be a limited curfew from April 2-4 to permit residents to shop for essentials and conduct banking.  A 24 hour curfew will commence 6pm Saturday April 4 and run until the end of the day Thursday April 16, 2020.  Businesses and government offices will continue to operate remotely to the extent possible.  However, some services will not be available during this period.

 

Key Coverdale staff will be serving clients remotely.  We will be able to submit applications and requests to the Registry of Corporate Affairs electronically.  We will not be able to conduct litigation searches.

 

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