Estate Planning And Cryptocurrencies
There are many things that one is sure of in life and, as the suns rises each day, we know that death and taxes are occurrences that, while we can prepare for them if we are lucky, we cannot avoid.
Different types of assets have emerged and evolved over the years. Who remembers the first computers, or even a time before computers? A time before the “I owe you” notes, or the first payment by cheques (or really, a scribbling on a piece of paper to take to a bank and they will give you cash, hopefully), to the first payment by plastic. Swipe a plastic card through a machine and/or punch in 4 digits and you may walk out of my store with my goods in your hands.
How does the Economic Substance (Companies and Limited Partnership) Act, 2018 (the “Act”) Affect you?
In a nutshell, the Act applies to all BVI companies and LPs (including foreign registered ones) (the “Entities”) unless they are and can prove that they are tax resident outside of the BVI in a jurisdiction that is not included on the EU’s list of non-cooperative jurisdictions.
What Are Trusts?
Trusts are a long established system of, exactly as it is called, a system of trust. A system of trusting others to look after your assets for the benefit of others. It relies on a great deal of trust, since the legal interest or title in your assets will be transferred to the trustee.
What You Need Know About Registering Trade Marks In The BVI
On 1 September 2015, a new Trade Marks Act, 2013 (the “New Act”) and the Trade Mark Rules, 2015 came into force in the British Virgin Islands (the “BVI”).
The Act repeals and replaces the existing Trade Mark Act (Cap. 158) (the “repealed Act”) the corresponding Trade Mark Rules, the Merchandise Marks Act (Cap. 154) and the Registration of United Kingdom Trade Marks Act (Cap. 157).
Under the New Act, registrations and renewals of trademarks submitted upon the New Act coming into force will no longer require the submission of the UK registration or renewal certificate. A welcomed new feature.
Trustee (Amendment) Act, 2015
On 30 March 2015, the Trustee Act, 1961 (the “Trustee Act”) of the British Virgin Islands (the “BVI”) was amended by virtue of the Trustee (Amendment) Act, 2015.
The amendment is not entirely new to the industry. The amendment reflects the same wording and duty imposed on BVI business companies under section 98 of the BVI Business Companies Act, 2004 (as amended) to maintain financial records that are sufficient to show and explain the company’s transactions and which will, at any, time enable the financial position of the company to be determining with reasonable accuracy.
Incubator Funds And Approved Funds
The types of BVI Funds are relatively new and lightly regulated fund vehicles being offered in the British Virgin Islands, aimed at start-up emerging managers or persons wishing to manage funds for a group of investor friends or family members or non-institutional investors.
The light touch regulation allows for the funds to be set up in a timely manner with minimal set up costs and regulatory obligations, thereby allowing fund managers to increase their assets efficiently.
With respect to the Approved Fund, it is a more likely choice for managers who wish to establish funds for the long term geared at family offices or a tight network of friends or group of people. The funds may begin operating within 2 business days of submitting their completed application to the BVI Financial Services Commission for approval.