BVI doesn't seem to be recommended so much these days?

[mnschwarz]

I'm just in the process of setting up a BVI company. It's my first experience with this but the more I read here and elsewhere it seems BVI seems to be left out of recommendations more and more. Why is this? I can't find anything negative about it as an offshore jurisdiction.


Also, I'm trying to work out the final piece of the structure (if needed) for estate planning purposes. I've been suggested to use a Trust to hold the company shares though unsure what jurisdiction. I considered just using a BVI VISTA trust. Any suggestions for or against this? I like the idea of the VISTA trust leaving my BVI company shares alone so I can retain some control. Cheers!

Last edited by a moderator: Mar 25, 2016

 

[dany]

I dropped my BVI company because of their requirements after a manual review:

Source of Wealth; Please provide the nature of the activities from which the source of wealth of the company was generated. EX: if the income was generated by way of ownership of business, the type of Business, If from savings income, the type of employment which resulted in the generation etc.
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[Pathfinder]

Cyprus over BVI have been in the same boat as you!

 

[mnschwarz]

Why is it a problem to disclose the source of funds? I think I just put down 'personal savings.'

 

[Pathfinder]

They investigate it and ask for bank account statements.. I don't want them to look at it!

 

[myhand]

beside the bank statement they ask for lot's of other documents and questions I personally don't want them to archive with my files for later investigation. Why do you or anyone want to risk your sensitive data revealed to anyone just because you registered a company in an so called offshore jurisdictions. For me BVI is dead as an tax haven and real offshore jurisdiction, defiantly.

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[mnschwarz]

Ah that makes sense. I haven't been asked for anything like that yet. I wonder if I'll be asked to provide more soon.... I'm not about to provide bank statements or anything that personal either!

 

[mnschwarz]

Also, any suggestions regarding a Trust jurisdiction?

 

[JohnLocke]

Also' date=' any suggestions regarding a Trust jurisdiction? [/quote']
The easiest is Seychelles then you can look at Cook Islands, Bermuda and even Curacao, it will depend on your budget and what exactly your goals are.
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[haslan]

Hi guys,
I'm just in the process of setting up a BVI company. It's my first experience with this but the more I read here and elsewhere it seems BVI seems to be left out of recommendations more and more. Why is this? I can't find anything negative about it as an offshore jurisdiction.


Also, I'm trying to work out the final piece of the structure (if needed) for estate planning purposes. I've been suggested to use a Trust to hold the company shares though unsure what jurisdiction. I considered just using a BVI VISTA trust. Any suggestions for or against this? I like the idea of the VISTA trust leaving my BVI company shares alone so I can retain some control. Cheers!
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Forget about BVI it's not good any longer, users have said it here and I say it again. You want to look into alternative jurisdictions if you want to keep your privacy and avoid any legal problems later on or at long term.