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Featuring performances by Richard Sawney, The ESHS Lady Rams and Rikkiya Brathwaite.
Elegant pre-party starts at 5PM Sharp and showtime starts at 6:30PM
13 Award Categories. Who will win big this year?
Come • Experience • Celebrate the industry’s most elegant night!
Click here to view this year's nominees also, click here to view the look book.
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GROUNDBREAKING NEW PROVISIONS IN VARIATION OF BVI TRUSTS
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O’Neal Webster is pleased to confirm that the British Virgin Islands Government has introduced some cutting-edge reforms in relation to the ability of the court to vary BVI trusts without the consent of beneficiaries. The new provisions, which are due to come into force shortly, will apply if the settlor or trustees ‘opt in’ to the new statutory provision, whether on establishing a new trust or on changing the governing law of an existing trust to BVI law.
This amendment has been made by the Trustee (Amendment) Act, 2021 which adds a new section, 58B, to the BVI’s Trustee Act. It was made at the recommendation of the Trust and Succession Law Review Committee of the BVI Branch of the Society of Trust and Estate Practitioners (STEP).
Click here to read more.
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MAJOR UPDATES TO THE BVI's TRUSTS AND PROBATE LAWS
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Bills to bring in significant amendments to the BVI's trusts and probate legislation were gazetted on 12 March 2021. Below is a summary of the headline changes.
The Trustee (Amendment) Act, 2021 introduces a range of important new and updated provisions into the BVI's Trustee Act, 1961.
The Probates (Resealing) Act, 2021 expands the regime for resealing of foreign grants of probate or letters of administration by the High Court. Previously it was only possible to reseal grants from a limited number of jurisdictions including the United Kingdom and certain British territories.
Click here to read more.
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PREMIER'S INTERNATIONAL LEADERSHIP HAILED AT UN ECLAC MEETING
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Premier, Honourable Andrew Fahie
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Premier and Minister of Finance, Honourable Andrew A. Fahie has been hailed by the United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC) and regional partners for the British Virgin Islands’ steadfast international leadership and for spearheading the first ever high-level meeting of the associate member countries of ECLAC on sustainable development.
Premier Fahie chaired the virtual meeting in his capacity as vice chair of the Caribbean Development and Cooperation Committee (CDCC).
In his opening statement, Premier Fahie said, “The associate members of ECLAC as a special group of primarily small island developing states in the Caribbean are making genuine efforts to achieve sustainable development. However, they share common challenges that require attention and support in order to achieve the sustainable development goals. Critical factors in the sustainable development process such as administrative capacity, policy expertise, technology transfer and financial resources are all areas in which associate members would benefit from more support. These challenges are now compounded by the pressure on governments to respond to the COVID-19 pandemic and climate emergency.”
He went on to say, “We cannot deny that COVID-19 has been a setback to the 2030 Agenda. However, I firmly believe that this is the time to strengthen our resolve and to work even harder to defeat the pandemic and promote sustainable development and green growth.”
Click here to read more.
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BUSINESS LICENSING & INVESTMENT ACT LEAD DISCUSSIONS AT BVI FINANCE BREAKFAST FORUM
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Discussions from yesterday’s BVI Finance Breakfast Forum centered on the Business Licensing Act and the Investment Act along with the functions of the Virgin Islands Trade Commission.
The forum’s guests were Honourable Shereen Flax-Charles, Junior Minister for Trade and Economic Development; and Lizette George, Policy Analyst/ Strategic Adviser for the Government of the Virgin Islands.
The new legislation, which is expected to be passed at the House of Assembly after public consultation, will replace the current Business Professionals and Trade Licensing Act, and will establish a more vibrant and modern framework for trade and development in the Virgin Islands. Specifically, both acts are meant to facilitate ease of doing business in BVI and to create a cost-effective regime for investors.
In addition to streamlining the trade license application process, and the creation of new categories of businesses, the business license fee schedule has also been revised. The proposed base fees for Belongers are $150 to $1,500, and Non-Belongers range from $1,500 to $15,000.
Ms. George explained that both legislative instruments are part of the National Trade Policy for the Virgin Islands. The public consultations began yesterday and continue until the end of March 2021.
The policy analyst encourages the private sector to review the legislation to give feedback to help bolster business in the BVI. The links to the legislative instruments can be found on the Government of the Virgin Islands’ web portal. Click here to view the Virgin Islands Investment Act and also, click here to view the Business Licensing Act.
Persons can send their input via email vitradecommission@gov.vg with the subject “Trade Legislation” or hand deliver to the Premier’s Office, located at the Cutlass Tower, second floor.
The Virgin Islands Trade Commission was established as a statutory body under the Virgin Islands Trade Commission Act, 2020.
According to Ms. George, the commission is a “one stop shop to effectively facilitate and monitor all matters relating to trade and economic development”.
The commission’s business division will provide training, technical assistance, mentoring and financial assistance; while the licensing division will manage licensing and regulation. The investment division is responsible for promoting and facilitating direct investment into the Territory.
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BVI TOPS GLOBAL FINANCE CENTRES INDEX FOR LATIN AMERICA & CARIBBEAN
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The British Virgin Islands (BVI) has been ranked as the top financial centre from the Latin America and Caribbean region in the twenty-ninth edition of the Global Financial Centres Index (GFCI 29) see here. Gaining 14 places, the BVI is also the top-ranked British Overseas Territory.
First established in 2007, the GFCI provides evaluations of competitiveness and rankings for the major financial centres around the world.
Commenting on the latest index, Elise Donovan, CEO of BVI Finance said: “It is good to see the BVI increase its ranking in this global index. This is testament to the continued hard work of our outstanding financial services sector and the BVI’s world-class and progressive financial regulatory regime.”
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SOS SUBSTANCE ON SUBSTANCE: SEASON TWO - EPISODE FOUR - ITA INVESTIGATION, ENFORCEMENT POWERS AND NEW LEGISLATIVE DEVELOPMENTS
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Philip Graham and Joshua Mangeot
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In this episode, Partner Philip Graham, Global Head of Investment Funds and Regulatory, and Counsel Joshua Mangeot, our BVI economic substance specialist, consider the ITA’s investigation and enforcement powers under the Economic Substance (Companies and Limited Partnerships) Act 2018. Phil and Josh discuss some expected changes to the legislation, including limited partnerships registered in the BVI without legal personality being brought within the regime.
Click here to listen and read more.
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UNDERSTANDING THE BVI IAC ARBITRATION CLAUSE AND ENFORCEMENT OF BVI AWARDS UNDER THE NEW YORK CONVENTION
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Francois Lassalle and Hana Doumal
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There is no shortage of reliable arbitral institutions suited to administer international arbitrations. Some, like the American Arbitration Association (AAA) international arm International Centre for Dispute Resolution (ICDR), are international offshoots of institutions with an essentially domestic background. Others, like the International Chamber of Commerce (ICC), International Court of Arbitration, are international (even global) to the core. But in a competitive and changing world, parties must consider all arbitral institutions able to administer sophisticated disputes. Some may consider crossing the Atlantic or even pushing it to Asia. Understanding all options and benefits, including from nearby jurisdictions, such as the British Virgin Islands (BVI) is imperative.
The British Virgin Islands is a pro-arbitration jurisdiction. The BVI International Arbitration Centre (BVI IAC) provides an alternative option to administer international commercial disputes in a user-friendly time-zone for East Coast companies and practitioners.
Click here to read more.
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TAX AND THE BRITISH VIRGIN ISLANDS: SEPARATING MYTH FROM REALITY
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The headlines are familiar to most readers of the financial press: “Offshore Tax Havens,”
“Millions Hidden Offshore by Tax Exiles,” and “The Dark Arts of Tax Avoidance.” You get the idea. The negative perception of offshore jurisdictions was further highlighted in the outraged reactions to the 2016 leaked documents dubbed the “Panama Papers.”
The question is: How much of what has been said and written is based on fact and how much of it is merely perpetuating popular misconceptions? In this article, I discuss what, in my view, are some of the most glaringly misguided notions relating to the use of offshore jurisdictions, with a focus on the British Virgin Islands.
Click here to read more.
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BVI APPROVED FUND MANAGERS AND THEIR ONGOING OBLIGATIONS
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The Approved Fund Manager regime in the British Virgin Islands, which has been in force since 2012, has found tremendous success with fund managers globally. The regime is particularly attractive for start-ups, but also well suited for established small and medium-sized funds. It is employed to manage funds in the BVI, other offshore jurisdictions, and in leading onshore jurisdictions.
In a nutshell, the approved manager regime permits a BVI company or partnership to conduct business as an investment manager for certain funds without a lengthy approval process. It also provides a lighter touch regulatory regime, reducing documentation and associated costs.
Click here to read more.
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BVI LAWYER WINS GOLD IN POWERWOMEN AWARDS
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Eleanor Morgan, Managing Partner and Head of the Litigation Department in the BVI for leading legal and governance services firm, Mourant, has been recognised in the Citywealth Powerwomen Awards.
Eleanor, who has practised in the BVI since 2011, has been named 'Woman of the Year - Future Leaders - Partner, Director'. The awards aim to highlight the female leaders of today and tomorrow and place a spotlight on individuals who support care giving responsibilities, female leadership and celebrate diversity.
With extensive experience acting on a wide range of international litigation, contentious trust and insolvency matters, Eleanor has been involved in many of the largest offshore disputes to come before the BVI Court in recent history and speaks at many leading international conferences.
Mourant Global Managing Partner, Jonathan Rigby, said: "Eleanor is an excellent lawyer with a proactive, client-focused approach who has made a significant contribution to our BVI office. We're therefore thrilled that Eleanor has been recognised in this year's Citywealth Powerwomen Awards.
"Diversity of talent is integral to providing our clients with the best services and solutions through the contribution of diverse perspectives. The continued recognition of our people in these awards is a strong reflection of this and I congratulate Eleanor for this thoroughly deserved achievement."
Mourant topped this year's Citywealth Powerwomen Awards with five of the firm's lawyers being recognised across their global offices, a total more than any other firm.
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GOLD LEAF CONSULTANT MR. IAN ROSS RE-APPOINTED AS A LISTED EXPERT TO THE INTERNATIONAL CRIMINAL COURT
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Gold Leaf Consulting Limited (“Gold Leaf”) is pleased to announce the re-appointment of its consultant, Mr. Ian Ross as a 'Listed Expert' to Cour Pénale Internationale, The International Criminal Court (‘ICC'), The Hague. The ICC is a global investigative body with the authority to conduct trials for individuals charged with crimes against the international community: genocide, war crimes and crimes against humanity. The ICC is often the last possibility of hope of justice for many victims of the most horrific crimes against humanity. Former United Nations Secretary-General and the late Kofi Annan described the ICC’s global fight as, “This cause…is the cause of all humanity”.
Ian’s re-appointment to the ICC took effect from 5 March 2021. In his role, Ian will continue to support the ICC’s cause against grand corruption, money laundering and fraud, which are key contributors that facilitate international crime. Through his accomplishments and experience Ian is a highly sought-after expert investigator, trainer and consultant to governments, regulatory authorities, national banks and law enforcement agencies globally.
Shamini Chase, Managing Director of Gold Leaf, in congratulating Ian on his re-appointment, noted that having Ian as part of the Gold Leaf team is a tremendous asset, reflecting the breadth and depth of experience and capabilities, Gold Leaf offers its clients. She remarked that, “Our clients and the BVI regulatory and enforcement community, can look forward to Gold Leaf continuing to roll out exciting and innovative solutions, as we continue to play our part to protect and enhance the reputation of our clients and the jurisdiction.”
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HUNTE 7 CO.'s INTERNATIONAL ALLIANCE
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Hunte & Co.’s international alliance, TAG Alliances, is proud to announce that TAGLaw has been recognized by Chambers and Partners as “Elite” for 2021—the highest ranking awarded to legal networks and alliances.
TAGLaw®, the global alliance of more than 160 independent law firms in over 90 countries, has been recognized by Chambers & Partners as “Elite” for 2021—the highest ranking awarded to legal networks and alliances. This is the eighth time TAGLaw has received the distinguished “Elite” designation since Chambers & Partners began ranking legal networks and alliances in 2013.
TAGLaw was also granted the opportunity to provide the guide's annual introduction for the second year. In "GLOBAL LAW FIRM NETWORKS: An Introduction", TAGLaw discusses recalibrating in 2020, the foreseen opportunities and difficulties facing the legal profession in 2021 and beyond, and the future of networks and international law firms.
“In addition to being honored to author this year’s networks introduction, we are immensely proud to once again be recognized as one of the top legal networks and alliances in the world,” said Richard Attisha, President & CEO of TAGLaw and TAG Alliances. “Over the years, Chambers & Partners has continually acknowledged both the reputation of our global alliance and our individual member firms and their lawyers. This prestigious recognition is truly a testament to the quality of our member firms, illustrated by their prominence in their local markets and by their ability to deliver outstanding client service.”
In selecting networks and alliances for their “Elite” status, Chambers & Partners pays particular attention to the quality of the member firms, their global reach, and the value that the alliance provides to its member firms. TAGLaw, with a global footprint in over 90 countries, has leading firms in over 160 jurisdictions providing legal services to companies ranging from the Fortune 5000 and leading SMEs to high net worth individuals. More than 100 of TAGLaw’s member firms have received individual rankings and award recognitions from Chambers & Partners. With expertise in dozens of practice areas and countless industry sectors, TAGLaw offers a substantial capability to its members’ clients. This capability is expanded by TAGLaw’s unique relationship with its sister alliances of accounting firms (TIAG®) and strategic partners (TAG-SP®), which together provide exceptional multidisciplinary service and a competitive advantage to businesses that cross geographical borders.
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