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Unravelling Complexity

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Adding an offshore vehicle to your fund structure
Investment Funds

Adding an offshore vehicle to your fund structure

In this Article, originally published by HFM, our Co-Global Head of Investment Funds Phil Graham examines how US managers can bolster their offering by adding an offshore fund to their structure.
How to manage the succession of a BVI Co
Private Wealth

How to manage the succession of a BVI Co

In this article, originally published by Private Banker International, Matthew Howson shows how advisors can manage the succession of a BVI Co.
BVI FSC signs memorandum of understanding with UK FCA
Regulatory and Tax

BVI FSC signs memorandum of understanding with UK FCA

Given the global harmonisation of the various financial markets and the increase in cross-border operations and activities of managers of alternative investment funds (AIFs), the BVI’s Financial Services Commission and the UK’s Financial Conduct Authority have signed a memorandum of understanding (MoU) relating to mutual legal assistance in the supervision of managers of AIFs, their delegates and depositaries that operate on a cross-border basis in the BVI and the UK. The MoU is generally structured similarly to an information exchange agreement. The MoU comes into force on the date the European Union legislation cease to have direct effect in the UK.
British Virgin Islands: No extension to FATCA and CRS reporting deadline for reporting Financial Institutions
Regulatory and Tax

British Virgin Islands: No extension to FATCA and CRS reporting deadline for reporting Financial Institutions

The BVI ITA announced yesterday that the FATCA and CRS reporting deadline for all reporting Financial Institutions (FIs) other than Trustee Documented Trusts (TDT) remains 31 May 2019. TDTs with CRS reportable accounts have until 28 June 2019 to complete their CRS reporting for the 2018 calendar year.
Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships
Investment Funds

Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships

The Economic Substance (Companies and Limited Partnerships) Act, 2018 was introduced in the BVI, effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on Harmful Tax Practices regarding economic substance. Related amendments to the Beneficial Ownership Secure Search System Act, 2017 will implement an economic substance reporting regime. Harneys has issued this guide to assist directors and operators of BVI companies and limited partnerships.
Economic substance – Draft BVI Code published
Investment Funds

Economic substance – Draft BVI Code published

On 23 April 2019, the British Virgin Islands International Tax Authority (ITA) published a draft Economic Substance Code (the Code). The Code is supplementary to the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) and contains rules on how the economic substance requirements may be met and guidance on the interpretation of the legislation and the manner in which the ITA will carry out its obligations.