Unravelling
Complexity

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Unravelling Complexity

19 Results

Estate Administration in the Cayman Islands
Private Wealth

Estate Administration in the Cayman Islands

A grant of probate or letters of administration will be necessary when a person dies and leaves Cayman Islands assets in their individual name, such as money in a bank account or shares in a Cayman Islands company. This legal guide summarises the process of obtaining a grant of probate or letters of administration in the Cayman Islands.
New Procedure for Processing Executive Work Permit Applications
Private Wealth

New Procedure for Processing Executive Work Permit Applications

The BVI Government has introduced a new procedure for processing work permit applications for those persons earning or expected to earn US$100,000 or more per year with the aim of expediting the work permit application process.
Planning for Succession to BVI Companies
Private Wealth

Planning for Succession to BVI Companies

Many companies registered in the British Virgin Islands have individual shareholders, and often, a single shareholder. Often the sole shareholder is also the sole director of the company. This briefing note summarises the methods and mechanisms which can be used in order to simplify the process on the death of a shareholder and director of a BVI company to ensure that ownership and control of the company can pass quickly and efficiently.
Guide to BVI Private Trust Companies
Private Wealth

Guide to BVI Private Trust Companies

A Private Trust Company (PTC) is, in straightforward terms, a company which is established for the purpose of acting as trustee of a trust, or a group of family trusts. Generally, when an off-shore trust is established, whether in the British Virgin Islands or elsewhere, a trustee resident in that off-shore jurisdiction will be appointed, usually a professional trustee company, such as Harneys Trustees Limited.
Guide to BVI Share Trust
Private Wealth

Guide to BVI Share Trust

Harneys pioneered the BVI Share Trust, a simplified trust for clients who own shares in BVI companies with the primary objectives of (1) avoiding any forced heirship rules applicable in the country of domicile/habitual residence of the client; and (2) circumventing the requirement to obtain a grant of probate or letters of administration in the BVI (probate) in respect of those shares. Harneys have revised the Share Trust to offer a simpler, even more cost effective trust to meet these objectives.
Guide to BVI Trusts
Private Wealth

Guide to BVI Trusts

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 specified persons (the beneficiaries) or for specified purposes. The trustee is the legal owner of the assets put into the trust and is required to manage those assets for the benefit if the beneficiaries or to further the specific purposes set out in the trust deed.