The Partnership Act of 1996 introduced legislation on Limited Partnerships and modernized the BVI Law of Partnership embodied in legislation mirroring English Law under the Partnership Act of 1890.
Two new legal entities are given recognition under the 1996 Act:
Local Limited Partnerships
International Limited Partnerships
An International Partnership is not allowed to carry on business with persons resident in the BVI or to own an interest in real estate (other than as a lessees) in the BVI. An International Limited Partnership is exempt from all BVI income, capital, and stamp taxes.
