Archive for the ‘British Virgin Islands’ Category

Harneys offshore law firm to launch Asia Trusts and Private Client Advisory Group

Friday, August 2nd, 2019

Harneys offshore law firm in the British Virgin Islands offers a new tailored service to clients’ trusts and succession planning matters: Harneys’ Asia Trusts and Private Client Advisory Group. The clients will be supported worldwide in relation to both contentious and non-contentious trusts and succession planning matters, including complex tax and trusts structuring, cross-border probate, asset protection and international trusts disputes. The law firm has expertise in advising on trusts of all types, including BVI VISTA trusts and Cayman Islands STAR trusts.

Harneys’ global trusts and private client practice have got an excellent international reputation, among the firm’s clients there are world’s leading law firms, multinational corporations, major financial institutions, and high net worth individual private clients. In Asia, the company regularly works with clients in the wealth management industry and knows the needs of their businesses as well as local regulatory requirements.

Harneys’ Asia Trusts & Private Client Advisory Group will officially launch its new service at in September 2019.

Harneys became official legal firm for BVI RDA

Monday, July 15th, 2019

BVI offshore law firm Harneys received a contract as the official provider of legal services to the BVI Recovery and Development Agency (RDA). The official signing was held on 5 July. Legal duties of the company will include domestic BVI advice, including real estate and infrastructure projects, and corporate and commercial and dispute resolution advice. Harney was chosen by the Agency following the formal public tender process.

Company’s partner said in his comments: “We are delighted to have been chosen for this notable role as the RDA’s official law firm. It is an opportunity to contribute in a meaningful way to the achievement of Government’s strategic vision for a stronger, smarter, greener, and better BVI. Harneys have always been regarded as an institution synonymous with the BVI, providing the highest quality counsel, and innovative, practical legal thinking.”

BVI Government seeks new investors for hotel, after failure of deal with CA (BVI) Group Corp

Wednesday, May 1st, 2019

The VIP government is seeking new investors for redevelopment of the state-owned Prospect Reef Hotel, as the previous US$90 million deal between NDP administration and ICA (BVI) Group Corp signed in July 2017 has not materialized. Junior Tourism Minister Shereen Flax-Charles announced during the budget debate that prospective investors appeared at a recent tourism conference; also, by words of BVI Premier Fahie, many persons have interest about the hotel and continue to make contact with the BVI government.

Meanwhile, Third District Representative Julian Fraser urged the new government to pay the employees of the resort, as there are security guards who are not being paid. Also, he asked the government to give the facility some attention: “Prospect Reef has been a benefit to no one for the last 15 years. We cannot afford to lose those kinds of facilities. We are a tourism-oriented economy, and those are the things that we need. We don’t go back when it comes to development and efforts should be made in getting investors involved in bringing those things to life.”

The previous developers, ICA (BVI) Group Corp, had the plans to construct 150 rooms, condos/townhouses, a marina, conference centre, parking lots, a dolphin attraction, infinity pool, salt water pool, and villas. They received an extension from the NDP government, which expired on March 31, 2019.

BVI Finance commissioned report on the role of BVI companies in global economy

Friday, June 30th, 2017

The report written by Capital Economics and funded by BVI Finance states that the British Virgin Islands are strongly contributing to the global economy and facilitating international trade and investment. It is estimated that US$1.5 trillion worth of assets are currently moved through the BVI companies and structures, and BVI is named a “sound and reliable centre which has worked harder than many bigger nations to meet international standards, and not some supposed tax haven.”

According to the report, the jurisdiction is no longer used for tax benefits alone, and has a very strong legal framework that draws heavily on US law and helps facilitate cross-border transactions. It is also emphasized that the BVI has increased transparency and information sharing – companies must now disclose the names of their directors and beneficial owners. However, ownership information can be obtained only through a court order or with the company’s permission.

Capital Economics claims that the BVI is a “substantial net benefit to governments worldwide”, and estimates that, globally, US$750 million is saved in taxes, compared to $15.7 billion that is generated. In the UK the investments made through BVI companies generate $3.9 billion in income and corporate tax.