Family Office & Corporate Service Providers

FidPro Ltd.

The use of a stand alone company i.e. a company that is not owned by a trust, is not a very effective method of succession planing. This approach is even less effective if there is only one beneficial owner of the holding company.

Due to the fact that shares of a company are considered personal property, if a sole beneficial owner should pass away, the shares held by the beneficial owner will be subject to probate in the jurisdiction where the beneficial owner was domiciled, as well as The Bahamas.

FidPro can assist with the Resealing of the Probate in the local Probate Courts on the basis that the assets are held by a Bahamian holding company. For example:

  • The client is the beneficial owner of a company called ABC Ltd.
  • ​ABC Ltd. owns a New York bank account with $10MM in financial assets.
  • The client passes away and his estate is probated in his home country whereby his daughter becomes sole beneficiary.
  • Because ABC Ltd. is a Bahamian company with a separate legal identity, there is a statutory requirement that the grant of probate obtained in the client's home jurisdiction is proofed or resealed in The Bahamas prior to gifting the shares of the company to the client's daughter.

Bahamian Probate Forms can be viewed here