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Legal Updates

Developments in law or practice in our jurisdictions

The British Virgin Islands pass a new Limited Partnership Act

20 December 2017

Harneys is pleased to welcome passage of the BVI’s innovative new Limited Partnership Act, which will come into force in early 2018. 

Philip Graham, Head of Funds and Corporate for Harneys BVI, stated: “Harneys is eagerly anticipating the start of 2018 when the new limited partnership structures will become available to our clients.” 

The new regime draws on the popular and very successful BVI Business Companies Act, as well as best limited partnership practice from leading jurisdictions around the world, to provide a highly innovative new limited partnership structure which is keenly focused on the needs of our clients,” Graham continued.

Whilst retaining significant flexibility to cater for a wide number of demands, Harneys expect the new limited partnerships to be particularly attractive for funds and, in particular, private equity funds and joint venture vehicles where onshore tax transparency is required.

What are the key features of new BVI limited partnerships?

The legislation is the result of a collaborative effort by leading legal practitioners in the BVI, including Harneys, together with the Government and experienced legislative draftsmen. 

Harneys sees this development as an opportunity for many of our clients, and we will issue a further update once the Registry is open for the registration of new limited partnerships.

If you would like further information at this time, please contact:

Philip Graham
Oliver Bell
Lewis Chong
Natalie Bell
Nadia Menezes
Rob McIntyre