Legal Updates

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Developments in law or practice in our jurisdictions

09 February 2017 - New Cyprus-India Treaty for the Avoidance of Double Taxation

Cyprus and India have signed a new double tax treaty which is expected to foster increased use of Cyprus as a gateway for investment both into and out of India. The new treaty entered into force on 14 December 2016, with its provisions being...

20 January 2017 - CIMA fund annual return update

The requirement to file a separate fund annual return for each sub-fund of a Cayman regulated mutual fund has recently been codified by the approval of the Mutual Funds (Annual Returns) (Amendment) Regulations, 2016 (the Regulations). The Regulations...

18 January 2017 - Cayman Islands proposes introduction of beneficial ownership registers

Following an initial public consultation during 2016, the Cayman Islands Government has published draft legislation which, when adopted, will require Cayman Islands companies to maintain beneficial ownership registers and for the information in the...

17 January 2017 - Cyprus Market Abuse Law - PDMRs and closed periods

On 14 October 2016, Cyprus enacted the Market Abuse Law No. 102(I)/2016 (the Law) implementing the Market Abuse Regulation 596/2016 (MAR) and abolishing the previous legislation. MAR has strengthened the EU market abuse regime, incorporating a wider...

13 January 2017 - BVI Government Introduces Bill to Establish the ITA as a Statutory Body

Legislative proposals in the British Virgin Islands (BVI) intend to institute the BVI International Tax Authority (the ITA) as a fully-fledged independent government institution in the BVI with its own legal personality capable of having power to do all...

09 January 2017 - Cayman adopts amended CRS regulations

The Cayman Islands’ commitment to international transparency standards has been reinforced by its adoption of amended Common Reporting Standards regulations in December 2016 to ensure effective implementation of the OECD’s Common Reporting...

05 January 2017 - BVI Government increases taxes on hotel accommodation, tobacco and alcohol

The Government of the British Virgin Islands has recently enacted two revenue-increasing measures. One raises the tax on alcohol and tobacco, and the other on hotel accommodation. Firstly, the Customs Management and Duties (Amendment of Schedule 4...

03 January 2017 - BVI Commercial Court appoints three new judges

Harneys is pleased to report three judicial appointments to the BVI Commercial Court which are designed to increase the capacity of the Court in 2017. Justices Gerhard Wallbank and Roger Kaye QC are appointed to terms...

16 December 2016 - Are you registered as a director with the Cayman Islands Monetary Authority (CIMA) under the Director Registration and Licensing Law? Should you cancel your registration?

Renew Renewal Criteria If you are already registered with CIMA, then you will have received a reminder email by now. You must renew your registration or licence if you are already appointed as a director of an entity that is registered with CIMA (a...

16 December 2016 - BVI Government amends work permit fees

The BVI Government recently enacted a new revenue-increasing measure which raises the fees for annual and temporary work permits. The new fees contained in the BVI Statutory Rates, Fees and Charges (Amendment of Schedule) Order 2016 are first...

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