Legal Updates

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Developments in law or practice in our jurisdictions

31 August 2017 - Termination and de-registration of Cayman regulated funds: consider action now to reduce 2018 fees

Managers of Cayman Islands regulated funds who are reviewing whether to wind any funds down before the end of 2017 may want to act promptly to avoid or reduce the annual 2018 Cayman Islands Monetary Authority (CIMA) fees and related costs. Regulated...

23 August 2017 - BVI exempts certain categories of people from work permit requirements

The BVI Government has enacted a measure which exempts various categories of people from the need to obtain work permits. In particular the exemption for directors visiting the BVI for board meetings is significant in supporting the BVI’s...

17 August 2017 - Cayman Islands: new intellectual property regime

The Trade Marks Law 2016, the Patents and Trade Marks (Amendment) Law 2016 and the Design Rights Registration Law 2016 came into force on 1 August 2017, introducing a new intellectual property regime in the Cayman Islands. Trade Marks Under the...

24 July 2017 - IHT update: UK Government confirms effective date of proposed changes to UK non-dom tax rules

The recent UK election and related legislative changes have delayed implementation of new rules imposing inheritance tax on UK residential property held in offshore structures. However, on 13 July 2017, the UK Government announced that the new rules...

21 July 2017 - Cayman Islands AEOI – reporting deadline extended to 31 August 2017

The Cayman Islands Department for International Tax Cooperation (DITC) recently confirmed an extension of the deadline for Cayman financial institutions to comply with their reporting obligations under Cayman's automatic exchange of information...

17 July 2017 - BVI Government raises charter cruising permit fees effective 1 August

The BVI Government recently enacted two measures regarding the charter boat cruising permit fees that each charter boat must pay while carrying paying passengers in the Territory. The Cruising Permit (Amendment) Act 2017 amends the Cruising...

14 July 2017 - Country-by-country reporting: deadline approaching for Cyprus companies

Country-by-Country reporting is a commitment undertaken by all OECD and G20 countries within the framework of Action 13 (Transfer Pricing Documentation and Country-by-Country Reporting) of the Base Erosion and Profit Shifting (BEPS) initiative. It...

11 July 2017 - BVI enacts legislation to change work permit fee calculation

The BVI Government has enacted a measure regarding the fees payable for work permits in the Territory. The Statutory Rates, Fees and Charges (Amendment of Schedule) (No 2) Order 2017 amends part 45 of the Schedule to the Statutory Rates, Fees...

29 June 2017 - Cayman Islands AEOI – notification deadline extended to 31 July 2017 and further updates

The Cayman Islands Tax Information Authority (TIA) recently confirmed an extension of the deadline for Cayman financial institutions to comply with their notification obligations under Cayman's automatic exchange of information (AEOI...

20 June 2017 - BVI's new beneficial ownership regime to take effect on 1 July 2017

The BVI has enacted legislation to implement a networked database of beneficial ownership interests in companies incorporated or domiciled in the jurisdiction. The database, known as the Beneficial Ownership Secure Search (BOSS) System, is being...

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