Legal Updates

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Developments in law or practice in our jurisdictions

21 April 2017 - BVI enacts minimum compulsory retirement age

The Government of the British Virgin Islands has recently enacted legislation setting a minimum compulsory retirement age for employment law purposes, subject to certain exceptions. This is the first such measure in the Territory’s history. The...

05 April 2017 - British Virgin Islands: CRS notification and reporting deadlines extended

CRS deadlines extended On 24 March 2017 the Government of the British Virgin Islands announced that the 2017 deadlines for notification and reporting obligations under the Common Reporting Standard (CRS) will be extended by two months...

31 March 2017 - TIEAs and Your Company's Right to Information: New Court Guidance

Today’s significant decision in the cases of Quiver Inc. & Friar Tuck Limited v International Tax Authority in the BVI Administrative Court confirms that public bodies must strike a balance when discharging their international obligations...

30 March 2017 - BVI Business Companies: new Registry fees from 1 January 2018

The fees charged to BVI Business Companies by the Registry of Corporate Affairs are to increase following the first substantive review since the BVI Business Companies Act came into force in 2005. Through secondary legislation passed by the Cabinet and...

09 March 2017 - Cayman Islands: CRS notification and reporting deadlines extended

On 3 March 2017 the Cayman Islands Department for International Tax Cooperation (DITC) announced that the 2017 deadlines for notification and reporting obligations under the Common Reporting Standard regulations will be extended by two months. Cayman...

08 March 2017 - Anti-money Laundering and Terrorist Financing (Amendment) Code of Practice 2017 gazetted

BVI adds new "recognised jurisdictions" to the list In schedule 2 of the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 (AMLTFCP), the British Virgin Islands (BVI) have recognised a list of jurisdictions (commonly...

28 February 2017 - Fourth and 'Fifth' Anti-Money Laundering Directives: implementing AML updates and UBO registers in Cyprus

The transition in the EU from the Third to the Fourth AML Directive has been over 10 years in the making and some would say overdue. The Directive itself must be implemented by all EU member states by 26 June 2017. This update examines and comments...

23 February 2017 - Foundation Companies in the Cayman Islands

The Foundation Companies Bill, 2016 (the Bill) seeks to introduce a new type of corporate vehicle in the Cayman Islands, the Foundation Company (the FC). The Bill has been drafted to allow the FC to be rooted in Cayman Islands company law, but...

22 February 2017 - One last chance to take advantage of offshore trusts?

The clock is ticking towards April 2017 when the new rules affecting the status of non-domiciled but UK resident individuals as set out in Finance Bill 2017 will take full force and effect. There are estimated to be around 115,000 non-domiciled...

21 February 2017 - Cayman Islands to introduce LLPs

The Cayman Islands recently published draft legislation to introduce the limited liability partnership (LLP) as a new partnership vehicle in the Cayman Islands. The new LLP is expected to be popular with professional services firms in the Cayman...

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