Perhaps the most significant reason that non-domiciled investors have for a long time preferred to acquire and hold property through a BVI company is that, as long as the ultimate owner remains non-domiciled (and non deemed domiciled) in the UK, the shares are treated as a non UK asset and the property is therefore not …
How do you dissolve a BVI company?
A copy of the declaration of solvency, with the statement of the company’s assets and liabilities attached, must be kept at the registered agent’s office. The Registrar then issues a certificate of dissolution. The dissolution of the company is effective from the date of issue of the certificate.
Can foreign company buy property in UK?
Tax. The main potential tax advantages in buying an offshore company are: Regardless of who owns the property any rental income will remain taxable in the UK. If the property is owned by an offshore company only the basic rate of UK income tax (20%) will apply regardless of the level of income.
Do BVI companies expire?
A BVI company has no limit on its duration (unless provided otherwise in its memorandum or articles). If a company is solvent it may be put into voluntary liquidation under Part XII of the BVI Business Companies Act.
Is British Virgin Islands tax free?
Introduction. Individuals in the BVI pay no income tax, land or housing taxes. There is no capital gains tax, wealth tax, inheritance or gift taxes, sales tax or VAT. Stamp duty is payable on some transactions and there is a payroll tax of between 10% and14%, split between employer and employee.
What is BVI law?
The law of the British Virgin Islands is a combination of common law and statute, and is based heavily upon English law. As a leading offshore financial centre, the territory has extremely modern statutes dealing with company law, insolvency, banking law, trust law, insurance and other related matters.
Are BVI residents British citizens?
British Virgin Islanders are British Overseas Territories citizens and since 2002 are British citizens as well.
