Legal Updates

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Developments in law or practice in our jurisdictions

09 December 2016 - New inheritance tax rules to impact non-domiciles holding UK property through offshore companies and trusts

On Monday, 5 December, the Government announced the results of the consultation on the proposed reforms to the taxation of non-domiciles. As we have previously advised the new legislation will have practical implications for those who purchase, hold or...

30 November 2016 - India and Cyprus agree new double tax treaty

After a three year standstill during which Cyprus was declared a 'notified' jurisdiction under the Indian tax code due to a perceived lack of information sharing, Cyprus and India have now signed a new double tax treaty replacing the treaty in...

25 November 2016 - BVI completes updates on Iran sanctions legislation to comply with JCPOA

On 16 November 2016, the BVI Financial Investigation Agency (FIA) issued Statutory Instrument 69 of 2016 entitled “The Direction Given by the Financial Investigation Agency (Revocation) Order 2016” (we term this as the “New Order&rdquo...

24 November 2016 - New trusts legislation in Cayman

The Trusts (Amendment) Law 2016 (the Amendment Law) was gazetted on 23 November 2016 and has amended and modernised the current Cayman Islands Trusts Law (2011 Revision). Along with provisions addressing certain powers and the appointment and discharge...

23 November 2016 - BVI FSC issues new guidelines on Money Services Business

The BVI FSC published "A Money Services Business Guide to the Prevention of Money Laundering and Terrorist Financing Activities in and from within the Virgin Islands" on 17 November 2016 (the Guide). It is scheduled to come into force on 19...

17 November 2016 - New Enforcement Powers for CIMA

The Cayman Islands Government is set to grant the Cayman Islands Monetary Authority (CIMA) new enforcement powers under an amendment to the Monetary Authority Law (the Law) currently before the Cayman Islands Legislative Assembly. If passed in its...

31 October 2016 - Widening the Net: BVI Court expands post judgment Norwich Pharmacal jurisdiction

In UVW v XYZ (27 October 2016), the BVI Court gave an important judgment in relation to the obligations of a registered agent to provide third party disclosure to assist a foreign judgment creditor with tracing assets. This judgment is a broadening...

20 October 2016 - Global insolvency Judges launch Guidelines for Cooperation in cross-border insolvency matters

Judges from 10 jurisdictions met in October 2016 in Singapore for the inaugural Judicial Insolvency Network Conference. High on the agenda of the esteemed conference participants was the preparation of Draft Guidelines to provide practical assistance...

18 October 2016 - BVI releases guidance notes on CRS requirements

The BVI has released guidance notes on the requirements of the Common Reporting Standards (CRS) as implemented in the British Virgin Islands. A copy of the guidance notes can be found here. This is welcome news, as until now, there has not been any...

13 October 2016 - BVI International Arbitration Centre to open in the BVI

The long-anticipated BVI International Arbitration Centre is expected to open next month, providing arbitration services in multiple languages from within the British Virgin Islands. The BVI International Arbitration Centre will offer four hearing...

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