Legal Updates

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Developments in law or practice in our jurisdictions

12 October 2016 - Termination and De-registration of Cayman Regulated Funds: Consider action now to reduce 2017 fees

Managers of Cayman Islands regulated funds who are reviewing whether to wind any of them down before the end of 2016 may want to act promptly to avoid or reduce the annual 2017 Cayman Islands Monetary Authority (CIMA) fees and related costs. Regulated...

03 October 2016 - Liquidators' fees: BVI Court provides green light for Liquidators to draw interim payments on account without a formal fee approval

On 20 September 2016, the BVI Commercial Court clarified the question of whether the BVI Insolvency Act 2003 (the Act) provided a basis for liquidators to draw fees on account before having formal approval from either a creditors’ committee or the...

03 October 2016 - Offshore Update - Bermuda, BVI and Cayman are now 'white-list' jurisdictions for Italian tax purposes

In April 2015 the BVI, the Cayman Islands and certain other jurisdictions were removed from Italy’s blacklist of jurisdictions. On 9 August 2016, the Italian Ministry of Finance issued a decree amending the “whitelist” of countries that...

22 September 2016 - Cyprus amends citizenship by investment programme

Amendments to the Cyprus citizenship by investment programme in September 2016 have amplified its appeal, leading to increased interest from foreign nationals. The changes include: The investment amount has been reduced from €5 million to...

02 September 2016 - BVI Commercial Court appoints the Honourable Mr Justice Davis-White QC

The Honourable Mr Justice Davis-White QC appointed as BVI Commercial Court Judge Harneys is pleased to report the appointment of Malcom Davis-White QC as a Commercial Court Judge for the Michaelmas Term 2016. He is a leading silk with wide ranging...

05 August 2016 - US FATCA and UK CDOT – Cayman Islands Extended AEOI Portal Reporting Deadline

On 5 August 2016 the Cayman Islands Department for International Tax Cooperation issued a Notification about Reporting Due Dates for UK CDOT and US FATCA which announced that the due dates for notification and reporting under UK CDOT and US FATCA have...

21 July 2016 - BVI Costs Clarity: Court finds foreign lawyers' costs 'generally recoverable'

The BVI Commercial Court has today handed down new guidance which clarifies its position on the recoverability of foreign lawyers’ costs and underlines the Court’s clear intent to accommodate and provide practical solutions for international...

14 July 2016 - Cayman Publishes Limited Liabilities Companies Law

On 18 December 2015, the Cayman Islands published a bill for the creation of a new law to permit the formation of a new type of vehicle in the Cayman Islands, a Cayman Islands limited liability company (LLC). On the 8 July 2016 this highly...

12 July 2016 - BVI Government publishes Bills to increase hotel tax, set minimum compulsory retirement age

The Government of the British Virgin Islands has recently published two Bills (the Bills) which were read in the House of Assembly last month. One seeks to set a compulsory retirement age for workers in the Territory, while the other seeks to increase...

15 June 2016 - Cayman Islands Limited Liability Companies Law published

The highly anticipated Limited Liability Companies Law, 2016 (LLC Law) was published in the Cayman Islands on 8 June 2016 and is expected to come into force by a separate commencement order in late June. The introduction of the new Cayman Islands...

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