Virgin Islands Change of Beneficiary
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How to fill out Change Of Beneficiary?
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FAQ
The rule against perpetuities stipulates that a will, estate plan or other legal document intending to transfer property ownership more than twenty-one years after the death of the primary recipient is void.
The rule itself, simply stated, makes a future interest in property void if it can be logically proven that there is some possibility of the interest not vesting or failing within 21 years after the end of a life in being at the time the interest is created.
As the BVI is a British Overseas Territory, legislation made in the UK Parliament can be applicable in the BVI. In such cases a statue may specifically state that it applies to the territory, or it may be extended to the BVI by way of an Order in Council or by direct subsidiary legislation in the UK.
Bearer shares will be phased out in the BVI, and from 1 January 2023 it is no longer permissible to issue bearer shares, or to convert or exchange registered shares into bearer shares.
2.1. 1 The rule against perpetuities, in so far as it applies to trusts, is a rule invalidating interests which vest at too remote a time in the future and indeed the rule is often referred to as the rule against the remoteness of vesting.