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Legal Updates

Developments in law or practice in our jurisdictions

25 March 2015 - Cayman issues User Guide to Automatic Exchange of Information Portal

As noted in an earlier update, the deadline for the registration of Cayman Islands Financial Institutions with the Cayman Islands Tax Information Authority was recently extended to 30 April 2015. In anticipation of the upcoming go-live date of the Cayman...

24 March 2015 - BVI issues updated FATCA Guidance Notes

The International Tax Authority (ITA) of the British Virgin Islands has today announced the issue of Version 2.0 of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements between the British Virgin Islands...

16 March 2015 - New Cyprus banking decrees released

The Republic of Cyprus today issued its latest decrees regarding the relaxation of banking restrictions, including this development: Transfers of deposits/funds abroad up to €1.000.000 per month (previously €50.000) are freely permitted; The...

11 March 2015 - Cayman Portal registration deadline extended

An update was released recently by the Cayman Islands Department of International Tax Cooperation in relation to the status of the Cayman Automated Exchange of Information Portal (Portal) and the requirement for Cayman Islands Financial Institutions to...

10 March 2015 - Cyprus becomes “Equivalent Jurisdiction” under Cayman Money Laundering Regulations

On 21 November 2014 the Cayman Islands gazetted an amendment to the Money Laundering Regulations (Regulations) to include Cyprus in the Third Schedule to the Regulations which lists countries and territories with equivalent legislation for anti-money...

02 March 2015 - Privy Council clarifies power to rectify share registers of BVI companies

On 21 January 2015 the Privy Council handed down its decision in Nilon Limited v Royal Westminster Investments SA [2015] UKPC 2 clarifying the power of the courts to rectify the share register of a BVI company under section 43(1)(a) of the BVI Business...

23 February 2015 - BVI Case Notes, February 2015

Third party costs order: Does the Court have power to permit service of application out of the jurisdiction? BVIHC (COM) 105OF2014: Hornbeam Corporation v Halliwel Assets Inc, Panikos Symeou, Marigold Trust Company Limited (18 December...

16 February 2015 - Republic of Cyprus releases new banking decrees

The Republic of Cyprus issued new decrees regarding the relaxation of banking restrictions on 16 February 2015. One decree provides further relaxation as follows: Transfers of deposits/funds abroad up to €50.000 (previously €20.000) are...

13 February 2015 - Weavering: Appeal court judgment clears directors of wilful default

On 12 February 2015 the Cayman Islands Court of Appeal handed down its long-awaited judgment in Weavering Macro Fixed Income Fund Ltd v Peterson and Ekstrom. The case, which measured the liability of directors, sent shock-waves through the funds...

11 February 2015 - BVI Arbitration Act interim relief

Following the Black Swan decision the British Virgin Islands (BVI) Court has exercised a power to grant free-standing injunctions to safeguard assets in support of foreign proceedings. Most recently in Natali Osetinskaya v. Usilett Properties Inc...

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