The BVI year

The BVI year

The BVI had another busy year of cases and legislation. We did not experience the worst ravages of COVID but, like other Courts, the BVI Commercial Court moved to online hearings and trials. After adjusting to this new World, the Court continued its business relatively smoothly, although it was notable that the Court, and counsel, still like their physical bundles.
Harneys ranked Band 1 in the Chambers HNW guide for fifth consecutive year
Private Wealth

Harneys ranked Band 1 in the Chambers HNW guide for fifth consecutive year

Harneys is at the top of the Chambers High Net Worth rankings, listed as Band 1 for offshore trusts in the British Virgin Islands, whilst remaining Band 2 in the Cayman Islands rankings. This is the fifth year in a row the firm has received this accolade.
Practical considerations for BVI economic substance (ES) reporting
Economic substance in the BVI

Practical considerations for BVI economic substance (ES) reporting

All BVI companies and limited partnerships must report on their ES position annually (this includes foreign companies and limited partnerships registered in the BVI). The ES legislation was amended in July 2021 to bring limited partnerships without separate legal personality within the regime.
The Cayman Lawyer: Episode three - The next generation of Caymanian lawyers
Litigation & Insolvency

The Cayman Lawyer: Episode three - The next generation of Caymanian lawyers

On this episode of the Cayman Lawyer, Litigation and Insolvency partner and director of the Harneys articled clerk programme, Katie Pearson is joined by associates and recent articled clerk graduates Natasja Levy and Moesha Ramsay-Howell as they discuss starting their legal careers, and their experience with the articled clerk programme.
Harneys Cayman office converts to limited liability partnership

Harneys Cayman office converts to limited liability partnership

Harneys is pleased to announce that the Cayman Islands office of Harneys has re-registered as a limited liability partnership under the Limited Liability Partnership Act (2021 Revision) of the laws of the Cayman Islands.
Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships
Regulatory & Tax

Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships

The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) was introduced in the BVI, effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on Harmful Tax Practices regarding economic substance. Related amendments to the Beneficial Ownership Secure Search System Act, 2017 (the BOSS Act) implement an economic substance reporting regime. The Act and the BOSS Act were both amended in 2021 – primarily to bring limited partnerships without legal personality within the regime to reflect the EU’s requirements.