Death and taxes, despite our best laid plans, are still with us. While trying to legally reduce your tax liability has become politically unacceptable and unfortunately, there is still not much we can do about death, there are however many options that you should consider in order to properly deal with your assets when you are no longer here. As uncomfortable as this may be everyone who owns shares in a British Virgin Islands (BVI) company should consider what they want to happen to those shares when they are no longer around or if they become unable to look after matters for themselves.
BVI law offers a number of options that prevents succession planning from becoming a high cost nightmare and changes it into simply the next step in your life plan. The options of reserve directors, joint tenancies and Share Trusts give a shareholder the option of unprecedented freedom and flexibility to determine succession to shares in their BVI companies. With these options one is able to achieve the desired results without the need for substantial amendments to company constitutional documents, with minimal disruption to practical management, and while still controlling the business and enjoying the profits of a well-executed plan. This guide examines the succession planning options available to shareholders of BVI companies, providing a general overview of advantages of each approach.