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Legal Updates

Developments in law or practice in our jurisdictions

03 April 2014 - BVI Financial Institutions now able to register with the IRS for a GINN

In a welcome announcement made on 2 April 2014, the US Internal Revenue Service (IRS) made provision for Financial Institutions in jurisdictions that have already reached an "agreement in substance" on the terms of a Model 1 or...

31 March 2014 - New Cyprus decrees issued for 31 March to 4 May, 2014

The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures which are in force from 31 March to 4 May, 2014. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below. Relaxation...

28 March 2014 - BVI court ruling highlights potential risk in some standard form M&As

On 19 March 2014 the Commercial Court handed down its ruling in C v W Inc (BVIHC (Com) 2013/149). In that case a shareholder holding more than 30 per cent of the company’s shares tried to exercise its power to requisition a shareholder meeting...

21 March 2014 - Update: Impact of Sanctions in Ukraine and Russia Under the Laws of Cyprus, the BVI and the Cayman Islands

In an earlier update we outlined in summary the application of the first round of EU sanctions on Ukraine, relevant to former President Viktor Yanukovich and his close allies. Here we provide an update on the fast moving pace of events surrounding new...

11 March 2014 - BVI concludes negotiations with US on FATCA

The British Virgin Islands Government has today announced the conclusion of negotiations with the United States on a Model 1 Intergovernmental Agreement (IGA) under the US Foreign Account Tax Compliance Act (FATCA). In a statement the Ministry of...

07 March 2014 - The Impact of Sanctions in Ukraine and Russia Under the Laws of Cyprus, BVI and Cayman

This update contains a summary of the current sanctions regime for the Ukraine as implemented by the European Union in March 2014 and discusses the applicability of EU sanctions to Cyprus, the British Virgin Islands (BVI) and the Cayman Islands.

24 February 2014 - New Cyprus decrees in force until 30 March 2014

The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures which are in force until 30 March. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below. Relaxation of Restrictive...

18 February 2014 - Increased supervision of BVI Real Estate Agents by the FIA

The BVI Financial Investigation Agency (FIA) is presently reviewing the compliance arrangements of real estate agents throughout the jurisdiction to ensure they meet the requirements of the British Virgin Islands’ (BVI) anti-money laundering (AML...

13 February 2014 - Game-changer: Harneys opens door to foreign enforcement actions in the BVI

Harneys has successfully brought an action that changes the law relating to the access of the BVI Courts to enforce a foreign judgment. The Court of Appeal victory was quickly followed by a change in the civil procedure rules to reflect the...

06 February 2014 - BVI Signs "UK FATCA" and US FATCA is expected to follow

BVI Signs "UK FATCA" The British Virgin Islands ("BVI") Government signed an agreement (“UK/BVI IGA”) with the United Kingdom providing for automatic exchange of financial information relating to UK tax payers who hold...

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