Unravelling
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Unravelling Complexity

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BVI Hurricane Damaged Property: The Practicalities
BVI property and real estate

BVI Hurricane Damaged Property: The Practicalities

There was a notable decrease in the number of BVI property transactions taking place after the hurricanes last year and it was clear that many prospective buyers put their plans on hold to assess the progression of the recovery. Since the beginning of 2018, we have seen a significant increase in interest from prospective buyers and in the number of property transactions taking place. Download the PDF to read the full article from VI Property and Yacht's June 2018 edition.
The Cayman Islands Director Registration and Licensing Law
Regulatory and Tax

The Cayman Islands Director Registration and Licensing Law

The Cayman Islands Director Registration and Licensing Law (the Law) came into force in 2014, requiring directors of Cayman “covered entities” to register or become licenced by the Cayman Islands Monetary Authority (CIMA).
Continuing obligations for Cayman Islands exempted companies
Corporate

Continuing obligations for Cayman Islands exempted companies

All exempted companies incorporated in the Cayman Islands are subject to the continuing obligations set out in the Companies Law. In addition, those companies which are regulated by the Cayman Islands Monetary Authority (CIMA), such as banks, mutual funds, mutual fund administrators, insurance companies, insurance managers, trust companies and others are subject to additional requirements.
Key deadline approaching for Cayman Islands Beneficial Ownership regime
Corporate

Key deadline approaching for Cayman Islands Beneficial Ownership regime

Cayman Islands companies and LLCs are reminded that they have until 29 June 2018 to prepare their register of beneficial ownership, if they are in scope, or to confirm which exemption applies to them.
The Cayman Islands beneficial ownership regime
Corporate

The Cayman Islands beneficial ownership regime

Under Cayman Islands beneficial ownership legislation (the Legislation), certain Cayman Islands companies are required to maintain details of their beneficial owners and relevant legal entities on a beneficial ownership register (a Register). Registers are not publicly available, although they can be searched in limited circumstances by the competent authority in the Cayman Islands. This guide explains which companies are in scope of the Legislation and which are exempt, who is classed as a beneficial owner and a relevant legal entity, and the obligations for in scope companies and those who hold interests in them.
Guide to BVI Share Trust
Private Wealth

Guide to BVI Share Trust

Harneys pioneered the BVI Share Trust, a simplified trust for clients who own shares in BVI companies with the primary objectives of (1) avoiding any forced heirship rules applicable in the country of domicile/habitual residence of the client; and (2) circumventing the requirement to obtain a grant of probate or letters of administration in the BVI (probate) in respect of those shares. Harneys have revised the Share Trust to offer a simpler, even more cost effective trust to meet these objectives.