Tax and Regulatory
Our Tax and Regulatory Law Department provides expert advice on matters related to taxation, regulation and supervision in Cyprus, the British Virgin Islands and the Cayman Islands.
Harneys recently advised Equity Trust and TMF Group in relation to the acquisition by private equity house Doughty Hanson of Equity Trust in January 2011. The US$496 million deal paved the way for Equity’s planned merger with TMF Group. Harneys... read more
In the latest moves towards implementation of the FATCA Intergovernmental agreements (IGAs) signed by the BVI with the US and the UK, the BVI Government has released draft Guidance Notes for public consultation. A copy can be accessed from the Ministry... read more
We provide comprehensive advice on complex cross-border issues in order to help clients maximize the benefits of Cyprus’ extensive network of double taxation treaties. Services provided by our tax attorneys team include the international tax structuring of proposed businesses and holdings, the drafting of tax opinions, negotiating and implementing corporate reorganizations, developing effective deferred taxation schemes for the purposes of the Cyprus Special Contribution for the Defence Tax Law, liaising with the Cyprus tax authorities for obtaining advance tax rulings and facilitating family succession planning using Cyprus International Trusts.
In the British Virgin Islands we advise locally established businesses on payroll tax and social security requirements and all other dealings with the BVI Commissioner of Inland Revenue.
Our BVI and Cayman Islands regulatory practice advises on all aspects of financial services regulatory law and practice. We provide practical advice on all components of both jurisdictions’ anti-money-laundering and terrorist financing regimes. We are experienced in the provision of bespoke products to assist regulated and non-regulated persons alike meet their obligations. Our regulatory lawyers advise extensively on the BVI and Cayman Islands’ investment business and securities laws, bank and trust company regulation and insurance and re-insurance regulation. We can assist clients in connection with enforcement actions taken by the BVI Financial Services Commission and the Cayman Islands Monetary Authority where necessary drawing upon the expertise of our Litigation Department.
Harneys is the only law firm in the British Virgin Islands with a dedicated regulatory law practice and the firm has over 15 years of experience with the BVI’s investment business regime. Harneys has a long history of working closely with the government on the development of legislation and the regulatory team maintains a cordial and professional relationship with the BVI’s Financial Services Commission. The firm has particular expertise advising on the Securities and Investment Business Act as well as the BVI’s anti-money-laundering regime, the Banks and Trust Companies Act, the Company Management Act and the Insurance Act, among others.
Regulatory lawyers in both BVI and Cayman also advise clients in relation to the effect of certain legislative provisions of the United Kingdom and the various Acts of the European Union and United Nations which are extended to and given legal force in the BVI and the Cayman Islands as dependent territories of the UK.