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Legal Updates

Developments in law or practice in our jurisdictions

22 March 2018 - Cayman Islands AEOI portal re-opens

The Cayman Islands government announced this week that the automatic exchange of information (AEOI) portal has re-opened, allowing Cayman Islands financial institutions to submit their 2017 FATCA and CRS returns. Various updated guides and forms are also...

28 February 2018 - Important Changes to Cayman Islands Regulations and Compliance for investment funds

This alert highlights important changes to the regulatory and compliance regime for the Cayman Islands investment funds industry in 2018. The changes that have been made to the Cayman Islands anti-money laundering (AML) regime are to bring Cayman in...

22 December 2017 - Cayman Islands Beneficial Ownership Regime: some out of scope companies now in scope

The Cayman Islands have recently amended the beneficial ownership register regime for Cayman Islands companies and LLCs1, refining the regime that was introduced in July 2017 (as detailed in our earlier alert). These changes mean that some previously out...

20 December 2017 - The British Virgin Islands pass a new Limited Partnership Act

Harneys is pleased to welcome passage of the BVI’s innovative new Limited Partnership Act, which will come into force in early 2018. Philip Graham, Head of Funds and Corporate for Harneys BVI, stated: “Harneys is eagerly anticipating the...

18 December 2017 - Luxembourg and Cyprus: the anatomy of a double-tax treaty

Partner Emily Yiolitis and associate Marisa Efstathiou of the international law firm of Harneys burrow into the details or the Luxembourg and Cyprus first double-tax treaty. This content is published in the November 2017 issue of Offshore Red.

12 December 2017 - Overview of tax information exchange in the British Virgin Islands

The system of tax information exchange in the BVI is largely modelled on international principles developed by the Organisation for Economic Co-operation and Development (the OECD). The competent authority responsible for dealing with tax information...

29 November 2017 - Launching an ICO in the British Virgin Islands

Interest in the setting up and distribution of initial coin offerings (ICOs) in the BVI and other offshore locations has mushroomed during 2017; we expect this to continue going forward. We set out below a summary guide of key BVI issues for parties to...

22 November 2017 - Cayman Islands investment funds: what you need to know and do by the end of 2017

Annual return deadlines for funds regulated by the Cayman Islands Monetary Authority (CIMA) 15 January 2018 - Annual fees paid to CIMA for registered funds1. Automatic exchange of information (aka FATCA and CRS) (AEOI) 31 December 2017 ...

22 November 2017 - Cayman Islands: AML Regulations to take effect 31 May 2018 for unregulated investment and insurance entities

Unregulated investment funds and some insurance entities in the Cayman Islands have been given a grace period until 31 May 2018 to establish anti-money laundering compliance programs under amended legislation that has just been passed by the Cayman...

03 November 2017 - Cyprus-Iran Double Tax Treaty to take effect 1 January 2018

A Double Tax Treaty between Cyprus and Iran will come into effect on 1 January 2018. Cyprus and Iran (the Contracting States) signed the Double Tax Treaty (the Treaty) on 4 August 2015. Like most Double Tax Treaties, the Treaty complies with the...

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