Data protection for investment funds domiciled in the British Virgin Islands Investment Funds Data protection for investment funds domiciled in the British Virgin Islands Link The Virgin Islands Data Protection Act, 2021 (the Act) is now in force. The Act imposes a number of obligations upon investment funds in relation to the processing of personal data that they will inevitably collect as part of the investor onboarding procedure.
Common Sense in Common Law Recognition Restructuring Common Sense in Common Law Recognition Link This article, originally published in INSOL World Quarter 3 2021, picks up on some of the themes discussed in one of the INSOL Virtual 2021 offshore panel discussions, titled “Common sense in common law recognition – how Offshore Courts and the Hong Kong Courts can be good neighbours”.
Guide to STAR Trusts Private Wealth Guide to STAR Trusts Link With the development of legislation in a number of offshore jurisdictions to allow for non-charitable purpose trusts, the Cayman Islands introduced the Special Trusts (Alternative Regime) Law 1997 (the STAR law) – now contained in the Trusts Act – to allow for the establishment of STAR Trusts.
New filing and deadline for Cayman Islands private funds Regulatory & Tax New filing and deadline for Cayman Islands private funds Link A reminder that all private funds registered with the Cayman Islands Monetary Authority (CIMA) must submit a fund annual return (FAR) form. CIMA has just released another form to capture certain information about each private fund’s related fund entities, called the RFE form, which must be completed by private funds.
Estate Administration in the Cayman Islands Private Wealth Estate Administration in the Cayman Islands Link A grant of probate or letters of administration will be necessary when a person dies and leaves Cayman Islands assets in their individual name, such as money in a bank account or shares in a Cayman Islands company. The Succession Act (2006 Revision) (the Succession Act) provides that no person shall take possession of or in any manner administer any part of the estate of a deceased person unless he or she has first obtained from the Grand Court of the Cayman Islands a grant of probate of the will or letters of administration of the estate of such deceased person.
Cayman Trusts - An Overview Private Wealth Cayman Trusts - An Overview Link A trust is a legal relationship created when a person (the settlor) places assets under the control of another person (the trustee) for the benefit of beneficiaries or a specific purpose. The trustee is obliged to deal with those assets, not for his own benefit, but for the benefit of the beneficiaries or to further the specific purpose set out in the trust deed.