Transfer UK residential property out of a BVI company
Transferring UK residential property out of a British Virgin Islands company involves the legal process of moving ownership of a property currently held by the BVI entity to a different owner or structure.
Valuation of Property: The property needs to be valued.
Transfer Documentation: Legal documents, transfer deeds and sale agreements must be prepared.
Tax Considerations: Transferring property out of a BVI company may trigger UK taxes such as:
Stamp Duty Land Tax (SDLT): Paid by the buyer, based on the property value.
Capital Gains Tax (CGT): If the property has increased in value, the BVI company may owe CGT.
Annual Tax on Enveloped Dwellings (ATED): This may apply if the property is valued above a certain threshold and held by a corporate entity.
Ownership Restructuring: Once the property is de-enveloped, it can be placed in a personal name or a company
Compliance: The transfer must comply with UK laws governing property ownership and international regulations related to offshore entities.
Legislative changes in the British Virgin Islands require that all BVI Companies must file the following with the Registry of Corporate Affairs by June 30th, 2025:
- The current shareholders of BVI business companies
- The current beneficial owners holding 10% or more interest in BVI business companies
- BVI directors that are licensed with the BVI FSC acting as nominees for BVI Business Companies.