Insights 13.10.20 Author: Thomas Adcock

BVI to launch public ownership register of BVI companies in 2023: Time for offshore structures to consider a restructure?

Insights 13.10.2020 Author: Thomas Adcock

The British Virgin islands (BVI) intend to launch a public ownership register of companies formed in the BVI by 2023 and it is no coincidence that we are seeing an increase in the number of clients we are working with to restructure their offshore entities into the UK. Structures in the so called ‘tax havens’ have become increasingly unpopular for a number of reasons – especially those that hold property. As the UK tax benefits have been significantly eroded in recent years whilst the on-going cost of maintaining the structure has steadily increased, the use of a UK company, with its expansive list of double tax treaties, has become more popular. Also, for some, having such a structure in a ‘tax haven’, such as the BVI, may also carry a reputational risk arising from a complete misunderstanding of international taxation.  Nevertheless, it is a factor that should be considered.

Our tax team work with many clients with offshore structures, not just in the BVI, but in all other jurisdictions across the globe. We would encourage anybody with an offshore structure to review it often to ensure that it is not just compliant but also fit for purpose. At CBW, we have all the in-house skills required from both a tax and corporate restructuring point of view, and the global contacts, through our international association, DFK International, to review these structures and, where necessary, restructure them to make them work for you.

What next?

Please speak to Tom Adcock, Tax Partner at CBW and UK representative on the International Tax Committee of DFK International, to see whether a reorganisation is appropriate for your offshore structure.