Legal Updates

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Developments in law or practice in our jurisdictions

31 October 2017 - New rules for deceased persons holding BVI shares or other BVI assets

The BVI Government has passed new rules governing applications for Grants of Probate and Letters of Administration. When a person dies holding BVI property, including shares in a BVI company, his/her executor or administrator must in most cases...

26 October 2017 - Cayman Islands enact Foundation Companies Law

The Foundation Companies Law, 2017 (Law) introduces a new type of corporate vehicle in the Cayman Islands, the Foundation Company (FC). The Law, which came into force on 19 October, has been drafted to allow the FC to be rooted in Cayman Islands company...

26 October 2017 - Cyprus tax residency requirements: 60 days of stay in Cyprus

On 14th July 2017, the Cyprus parliament voted the amendment of Article 2 of the Income Tax Law N118 (I)/02 adding a second test on determining the rights of an individual to be considered as a Cyprus tax resident. Prior to the amendment, a Cyprus tax...

19 October 2017 - The Offshore Advantage: M&A in the BVI

As the largest law firm in the BVI, Harneys has consistently worked on the biggest and most complex mergers and acquisitions (M&A) involving BVI companies. As we head into the last quarter of 2017, M&A both globally and in the BVI in particular...

18 October 2017 - Launching an ICO through Cyprus

We set out below a summary of relevant considerations when launching an initial coin offering (ICO) through Cyprus. For these purposes we assume the ICO is structured through Cyprus as a Cyprus company. Alternative vehicles may also be appropriate...

06 October 2017 - New AML regulations come into force

The Cayman Islands government recently adopted updated Anti-Money Laundering Regulations (the AML Regulations) which came into force on 2 October 2017. The AML Regulations demonstrate Cayman’s ongoing commitment to complying with the highest...

05 October 2017 - Post Hurricanes Irma and Maria - Important information for BVI property owners

The Impact of Hurricanes Irma and Maria Harneys weathered Hurricanes Irma and Maria and our BVI office reopened shortly after the passage of the storms with all teams and practice groups providing normal client service. Our lawyers are physically on...

03 October 2017 - BVI continuations and discontinuations

One of the many flexible features of the BVI Business Companies Act 2004 (the BC Act) is the ability both to continue a foreign company as a BVI company under the BC Act and also to continue a BVI company under the laws of another jurisdiction (commonly...

02 October 2017 - Structuring an ICO through the Cayman Islands

‚ÄčI want to launch an ICO – Help! It seems that 2017 will go down as the year of the ICO. Whilst still not mainstream, the pool of people in the financial services sector who have never heard of Bitcoin, cryptocurrencies, the blockchain or an...

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...

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