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Legal Updates

Developments in law or practice in our jurisdictions

New rules for deceased persons holding BVI shares or other BVI assets

31 October 2017

The BVI Government has passed new rules governing applications for Grants of Probate and Letters of Administration.
 
When a person dies holding BVI property, including shares in a BVI company, his/her executor or administrator must in most cases obtain a Grant of Probate or Letters of Administration in the BVI. This is true whether or not the deceased person had any other connection with the BVI, and whether or not their executor or administrator has already obtained a Grant in another jurisdiction.
 
The old rules date from the 1980s. The new rules are intended to befit the BVI’s new status as an international financial centre and to provide certainty in relation to particular areas. They also now align with other sets of probate rules in the eastern Caribbean.   
 
The new rules will come into effect on 1 November. If you have any urgent questions or would like a more detailed analysis please contact Sheila GeorgeJohann Henry or your usual Harneys contact.