British Virgin Islands

About the BVI

The British Virgin Islands is a United Kingdom Overseas Territory located approximately 60 miles east of Puerto Rico in the Caribbean. The BVI first gained a reputation as the world’s leading offshore corporate domicile; in recent years it has introduced new products including innovative trust, insurance, and funds products. It also has a predictable and business-friendly insolvency regime, as well as a Category 1 Shipping Registry.

The British Virgin Islands combines a politically-stable environment with a legislative framework developed in close consultation with the private sector. Key BVI advantages include its tax-neutral environment, with zero income, capital gains, estate or wealth taxes; a proven legal and court system based on the British legal system and English common law, including a dedicated commercial court; and absence of exchange controls, with the US dollar being the legal tender.

Harneys in the BVI

Harney Westwood & Riegels is the oldest and largest law firm in the British Virgin Islands. The firm was established by Harold Harney in 1960, and was the first legal practice in the BVI. Today the firm employs more than 150 people in the British Virgin Islands including more than 30 lawyers.

Consistently ranked as the leading law firm in the jurisdiction by independent legal directories including Chambers, IFLR1000 and the Legal 500, Harneys’ depth of knowledge and experience in the jurisdiction is unmatched. We have been an integral part of the British Virgin Islands’ development as a premier offshore centre, and no team has a better understanding of the jurisdiction’s nuances and flexibility.

Our BVI practice areas

Banking & Finance – We have unmatched experience in advising the world’s most significant banks and financial institutions, and we also regularly act for borrowers and issuers. With seven lawyers in the British Virgin Islands either extensively or exclusively involved in debt finance and derivatives work there is a degree of specialisation and market knowledge unique in the jurisdiction. We also advise on all types of syndicated and bilateral lending including trade finance, debt restructuring, structured finance, property and acquisition finance. In the capital markets space we advise lead managers, issuers and investors on international debt issues.

Corporate & Commercial – Our Corporate & Commercial team specialises in equity related issues and frequently advises on complex cross-border transactions. For decades we  have been at the forefront of the development of company law and practice in the jurisdiction. The result is a significant depth of experience in advising on joint ventures, private equity transactions, listings, mergers and acquisitions and reorganisations.

Investment Funds – Our dedicated investment funds team works with managers of offshore hedge funds and private equity funds to help them establish and structure their offshore investment vehicles to best meet their strategies and the requirements of their investors. Our team has unrivalled expertise in the BVI having been the leading law firm for the establishment of fund structures for over 20 years. One of our core strengths is our experience in dealing with fund restructuring, whether planned or as a result of liquidity issues.

Litigation & Insolvency – Harneys has by far the largest litigation and insolvency department in the British Virgin Islands, more than twice the size of any other. We have a reputation for providing accurate, clear and timely advice to our clients who include international law firms, insolvency practitioners, investment funds, banks and other financial institutions. We have been at the forefront of the development of BVI jurisprudence, and have been involved in virtually every significant piece of litigation in the BVI. We have acted and continue to act for some of the world’s largest corporations including Alfa, Barclays, HSBC, Credit Suisse, Rusal, BP, TNK and Subneft, as well as the world’s leading law firms.

Regulatory – Our BVI regulatory practice advises on all aspects of financial services regulatory law and practice. We provide practical advice on components of the BVI’s Anti-Money Laundering and Terrorist Financing regime; the Securities and Investment Business Act; Finance and Money Services Act and the Regulatory Code.

Trusts – Our Private Client Trusts department specialises in the creation of all types of BVI trusts, with particular emphasis on the creation of trusts to hold family trading and investing companies. We are at the forefront of creating new and innovative BVI trust solutions that seek to complement and safeguard the holding of assets by a BVI Business Company.

BVI Business – Our BVI Business practice group advises commercial, institutional and private clients, both domestic and international, in a variety of local British Virgin Islands transactional and non-transactional real estate, finance, regulatory, tax and general commercial matters.

We also have shipping and intellectual property practices in the BVI.

Contact Us

BRITISH VIRGIN ISLANDS
Harney Westwood & Riegels
Craigmuir Chambers
PO Box 71
Road Town, Tortola
VG1110
British Virgin Islands
tel: +1 284 494 2233
fax: +1 284 494 3547
email: bvi@harneys.com

 BVI office location map