Property (Miscellaneous Provisions) (Amendment) Act, 2021 (No. 11 of 2021)

Summary

This Act amends the BVI Property (Miscellaneous Provisions) Act, 2003 to change how the law treats dispositions of property in favour of illegitimate (non-marital) children not yet born when the disposition takes effect, and to clarify how these changes and existing trust validity rules apply retrospectively. It is a general property and trusts law reform rather than a licensing, reporting or supervisory measure directed at regulated financial services businesses.

• New section 3A: Abolishes the common law rule of public policy that voided a disposition of property in favour of an illegitimate child not yet born at the time the disposition took effect.
• Protection for past distributions: Anyone who validly distributed, received, transferred or traced property before the Act's commencement date is protected from having to make restitution or pay compensation because of this change in the law.
• Amended section 4 (Application): Confirms that sections 2 and 3 of the principal Act apply to trusts, instruments or joint tenancies created before, on or after commencement, and that such arrangements are not invalid merely because they predate the Act.
• Retrospective application of section 3A(1): The new rule on illegitimate issue applies to dispositions made before, on or after the commencement date, and such dispositions are not invalid merely because they predate the Act.

The Act itself does not create ongoing filing, reporting or licensing obligations for financial services entities; it operates as a substantive change to property and succession law that may be relevant to trustees and trust companies administering trusts or dispositions governed by BVI law.

Applies to

trust companies, trustees administering BVI trusts or property dispositions

Deadlines

• such date as the Governor may, by Proclamation published in the Gazette, appoint: Commencement date of the Act, to be fixed by Gubernatorial Proclamation rather than a fixed date in the Act itself.