Where a person has died and left assets in the British Virgin Islands (BVI), it is not possible to deal with those assets without first obtaining a grant of representation from the relevant local Court. The rule applies to all forms of property (including shares and intangible property) in respect of where the deceased died, where they resided during their lifetime, and whether or not they left a will.
This means that where an individual held shares in a company incorporated in the BVI, the grant of representation will be required in order to deal with those company shares. Generally, until such a grant is obtained, the shares will effectively be frozen as they cannot be transferred, their voting powers cannot be exercised, and dividends paid on the shares cannot be distributed.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal