Economic substance in the Cayman Islands
Investment Funds

Economic substance in the Cayman Islands

The International Tax Co-operation (Economic Substance) Act (ES Act) was introduced in the Cayman Islands in response to OECD’s Base Erosion and Profit Shifting framework and related EU initiatives in relation to what are known as “Geographically Mobile Activities”.
Recent legislative changes in BVI help to enhance the appeal of the already popular Private Trust Company
Private Wealth

Recent legislative changes in BVI help to enhance the appeal of the already popular Private Trust Company

BVI Private Trust Companies (PTCs) have proved a great success among High Net Worth (HNW) families, family offices and trust companies alike since their introduction almost 15 years ago. New regulations are expected to widen their popularity further.
BVI trusts: purpose trusts
Private Wealth

BVI trusts: purpose trusts

Like a significant number of other offshore jurisdictions, the British Virgin Islands recognises trusts without identifiable beneficiaries which are established to carry out or further non-charitable purposes. The relevant legislation can be found in sections 84 and 84A of the Trustee Act; the former section applies to trusts created before 1 March 2004, and the latter applies to trusts created on or after that date. Purpose trusts can be governed by the VISTA regime (see our separate note on VISTA trusts for more information).
Harneys advises BVI company on US$1.3 billion transaction
Corporate

Harneys advises BVI company on US$1.3 billion transaction

Harneys successfully closed a recent refinancing and corporate reorganisation for BVI company Sermaye Investments Limited, which holds the shares of SOCAR Turkey Enerji A.S.
The Cayman Lawyer: Episode four - Top 10 tips for Reserved Powers Trust
Private Wealth

The Cayman Lawyer: Episode four - Top 10 tips for Reserved Powers Trust

On this episode of The Cayman Lawyer, Head of Trusts and Private Wealth Henry Mander and Counsel Charles Moore provide the top ten tips for reserved power trusts.
Guide for Hong Kong Clients on Obtaining BVI Grants of Probate
Probate and letters of administration

Guide for Hong Kong Clients on Obtaining BVI Grants of Probate

BVI companies are widely used in Hong Kong for various purposes, so it is important for clients to understand the nuances and intricacies of obtaining grants of probate and administration in the BVI. A recent legislative change now means that grants of probate and administration obtained in Hong Kong can be resealed in the BVI. As a result, if there is an existing Hong Kong grant of probate or letters of administration, one no longer needs to apply for a fresh grant in the BVI if one intends to take control over a deceased’s shareholding in a BVI company for distribution amongst beneficiaries.