Europe: Wealth Management

At the end of March 2012, Isle of Man law firm Dougherty Quinn ("DQ") together with Döhle (IOM) Limited, Freeport Trust Company Limited and the Isle of Man Ship Registry facilitated the delivery, flagging and registration at the Isle of Man Ship Registry of the first of nine 13,100 TEU container vessels being built by Hyundai Heavy Industries in Korea, the largest shipbuilder and shipyard in the world.

Vistra's expert Marina Gall looks at options for superyacht registration.

Early on in the year the figures showed that the hard work of both Transport Malta and the private sector service providers paid off; the Malta maritime register climbed to the summit within Europe, becoming the largest ship register out of the 27.

In the Principality of Monaco, a huge number of properties are held through offshore special purpose vehicles to ensure both confidentiality and tax efficiency.

China’s Tax Information Exchange Agreement (TIEA) with the Isle of Man went into full effect 14 August 2011.

Canada’s Tax Information Exchange Agreement (TIEA) with the Isle of Man entered into force on 19 December 2011.

Malta's efforts to establish itself internationally as a centre of excellence are reaping success.

The judgment of Mr Justice Steel, delivered in the English Commercial Court on 18 February 2010 in Masefield AG v. Amlin Corporate Member Ltd, [2010] EWHC 280 (Comm), resolved an issue between the parties as to whether or not the hijacking of the tanker Bunga Melati Dua by Somali pirates justified a claim under an open cover marine insurance policy for the total loss of cargo, alternatively its constructive total loss, notwithstanding that the cargo was eventually recovered.

This article looks at some of the legal and practical problems involved in prosecuting suspected pirates detained by warships off Somalia, and reports on the progress being made towards enhancing the criminal justice systems in regional states where trials are held, and in establishing humane detention facilities in Somaliland and Puntland for convicted pirates.

A delegation of Guernsey practitioners is heading across the Atlantic to promote the Island as a major centre for investment funds business.

The total value of funds business in Guernsey grew by £8.7 billion (3.3%) during the first quarter of the year.

Guernsey is becoming recognised as a hub for servicing the financial aspects of clean technology (cleantech), including renewable energy.