Mondaq All Regions: Wealth Management
Bermuda residents who have entered into same-sex marriages or civil unions/partnerships in foreign jurisdictions where these are permitted should be aware that such unions will not be recognised in Bermuda.
New market entrants, the return of traditional market players, and changing regulations once again have the world's insurance providers' eyes set on Bermuda.
A right of way is an entitlement to travel across a route regardless of land ownership and is generally one of movement.
An overview of the various investment fund vehicles available in the British Virgin Islands.
Any Cayman Islands exempted company, including those to be established as funds, may be registered as a segregated portfolio company.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
The voluntary liquidation process in the Cayman Islands is straight forward and definitive as a Cayman Islands company that has underwent a voluntary liquidation ceases any future claims by creditors against the company.
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
Cayman is taking a clear stance on anti-evasion tax measures, having communicated to the UK Government its commitment to join the G5 pilot on multilateral automatic exchange of information, a program initiated under the UK’s G8 agenda and that will discuss how such an exchange of information could be implemented.
A discussion on the primary trusts legislation of the Cayman Islands.
£274 billion! That’s the net asset value of funds under management in Guernsey according to data released recently by Guernsey’s Financial Services Commission.
Migration is effected by application to the Guernsey Registrar of Foundations (the "Registrar") and therefore no court application is required, which enables a streamlined process for migrations.
Guernsey has signed a Double Taxation Arrangement (DTA) with Hong Kong.
The Foundations Law 2012 came into force on 8 January 2013 and the Guernsey Registry has been accepting applications for registration since 9 January 2013.
A delegation from Jersey, led by its Chief Minister and including senior government and industry figures, is visiting the UAE this week to strengthen and broaden its relationships with the country and the wider region.
The jurisdiction of choice for the establishment of UCITS funds, Luxembourg is carving out a competitive advantage for alternative funds as well, drawing on the success of the Specialised Investment Fund regime.
On 18 March 2010, the U.S. Hiring Incentives to Restore Employment Act of 2010 (known as the Hire Act) amended the U.S. Internal Revenue Code of 1986.
As part of our ongoing efforts to keep wealth management professionals informed of recent developments related to our practice area, we have summarized below some items we think would be of interest.
The ruling of the second US Circuit Court of Appeals in a recent case has resolved one particular uncertainty while retaining a versatile and open-ended approach to assessment of the criteria which govern Chapter 15 relief.
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The Cypriot Government initially planned to schedule a deadline for bids for oil and gas tenders for April 2013, but is now extending the deadline for an undisclosed period of time
The US Foreign Account Tax Compliance Act, commonly referred to as FATCA, became effective earlier this year, and foreign financial institutions in every jurisdiction, including in the British Virgin Islands and the Cayman Islands, will be required to make certain reports to the US Internal Revenue Services.
When Congress resolved the fiscal cliff crisis early this year, it brought permanence to estate, gift and generation-skipping transfer tax laws that had been in flux for over a decade.
The Luxembourg legislation introduces changes designed to make the grand duchy significantly more attractive as jurisdiction for the management and structuring of private equity, venture capital and real estate fund vehicles.
In accordance with its agreement with its international lenders, Cyprus has made a number of changes to tax rates.
Directive 2011/61/EU on Alternative Investment Fund Managers comes into force on 22 July 2013, and aims to provide common requirements across all EU States for the management or sale of Alternative Investment Funds by Alternative Investment Fund Managers within the EU.
The Obama Administration has recently proposed ambitious spending and revenue changes, as it released its proposed budget for fiscal year 2014, and a number of proposed tax changes affecting estate planning have emerged.
Cyprus has undertaken a series of reforms to secure Troika financial support.
As the UCITS acronym suggests, its original focus was on investment in "transferable securities" although UCITS do offer far wider investment possibilities, as explained below.
The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24.
