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Legal Updates

Developments in law or practice in our jurisdictions

19 May 2015 - The next frontier -- BVI introduces new fund products

The British Virgin Islands, in continuing to establish itself as a premier offshore financial services jurisdiction, has created two new fund products to complement its very popular existing funds offering with the bold intention of remaining on the...

12 May 2015 - For the record: A review of the British Virgin Islands Trustee (Amendment) Act, 2015

On 30 March 2015 a new section (the New Section) relating to trustees’ obligations to maintain trust records was inserted into the British Virgin Islands’ (BVI) Trustee Ordinance. The provisions of the New Section are not groundbreaking but...

11 May 2015 - BVI and Cayman removed from Italy’s tax blacklist

On 1 April 2015 the British Virgin Islands (BVI), Cayman Islands and 19 other jurisdictions were removed from Italy’s blacklist of jurisdictions. As a result it will now be easier for Italian individuals and companies to engage in business with...

23 April 2015 - CIMA: Proposed changes to outsourcing arrangements for funds service providers

The Cayman Islands Monetary Authority (“CIMA”) has recently released a draft Statement of Guidance: Outsourcing All Regulated Entities (Excluding Regulated Mutual Funds) (“SOG”) and Consultation Paper (“Paper”)...

16 April 2015 - Portal for BVI FATCA Reporting Launched

The British Virgin Islands International Tax Authority (ITA) has launched its BVI Financial Account Reporting System (BVIFARS). The portal was opened yesterday and is ready to accept enrolment applications from BVI Reporting Financial Institutions (FI...

09 April 2015 - Cyprus banking transactions restrictions abolished

The Enforcement of Temporary Restrictive Measures on Transactions in case of Emergency Thirty-Fifth Decree of 2015 and the Enforcement of Temporary Restrictive Measures on Transactions of Foreign Banks in case of Emergency Twenty-Eighth Decree of 2015...

07 April 2015 - Framework Agreement reached over Iran’s Nuclear Programme

On 2 April the P5+1, the European Union and Iran agreed to a framework for a Joint Comprehensive Plan of Action (JCPOA framework) regarding Iran’s nuclear programme. Further detail on the JCPOA framework can be found in the document...

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...

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