The acquisition, holding and transfer of BVI property, is regulated by the Registered Land Act, and for persons who are not citizens, also by the Non Belonger Landholding Regulation Act. The sale, gift, or inheritance of property triggers statutory licensing, filing, and stamp tax requirements. Accordingly, before you acquire property, it is best to plan ahead and take legal advice on how best to structure your property holdings. The basic advantages and other considerations relating to the most common options are set out below.
STRUCTURE | TYPE | CONSIDERATIONS | BENEFITS |
Trust | Discretionary (BVI or non BVI) |
Unless the settlor is also the Trustee, the Settlor is excluded from decision making |
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VISTA (Trust of the shares of a BVI company) |
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Company | BVI |
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Non-BVI | Additional time for processing NBLH application | Avoids Probate | |
BVI company with Non-BVI company/ trust/ LLC as sole director and shareholder |
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Individual | Sole Proprietor |
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Joint Tenancy |
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Avoids Probate until the death of the last survivor | |
Tenancy in Common | Requires Probate of each owner's share | Each owner can dispose of their interest separately subject to statutory requirements |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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