Managers of Wealth Offshore

Real Estate Finance Update

With this moratorium now extending past the September quarter date, landlords may struggle to implement changes to increase rent collections for the remainder of the summer.

Mauritius Government Further Strengthens Laws on Money Laundering and Financing of Terrorism

In relation to the Companies Act, changes are proposed in order to reinforce the concept of beneficial ownership, including identification and record keeping.

Luxembourg tightens screws on trusts with EU rules

Trusts will need to disclose beneficiares from now, in line with EU rules

Working Time Compliance and Remote Working

Employers should also be particularly mindful of actively ensuring employees do not work in excess of the maximum limit as recent case law has demonstrated that employers will be liable for breach of the OWT Act, even in circumstances where the work assig

ECB withdraws Malta-based bank's licence

The authority said on Wednesday that auditing firm Ernst&Young would continue to act as bank administrators.

Aspen completes 1.2m bridge for BVI company

Legals and valuations were instructed within 30 minutes with enquiries and undertaking received same day.

Cayman grants 'registered persons' exemption from beneficial ownership rules

The change, which came into effect yesterday, means that all future company reporting for these 3,000 or so firms will be filed under the Cayman Securities Investment Business Law.

BMA Continues Phased Reopening Of Offices

Stage one of the BMA’s re-opening plan granted access to certain essential personnel based on business need and COVID-19 risk factors.

Offshore Business Update: British Virgin Islands

The British Virgin Islands (BVI) Government has taken proactive measures which are designed to control, suppress and prevent the spread of COVID-19 in the BVI by restricting access to the BVI, curfews and encouraging social distancing.

Offshore Business Update: Cayman Islands

The practical importance of this is that it allows originating process, such as writs and petitions to be validly issued in electronic form at a time when paper filing is not possible.

Offshore Business Update: Guernsey

It should be noted that the normal protocols for such meetings should be observed as far as possible, and revert back to normal as soon as the threat from the outbreak recedes.

Offshore Business Update: Hong Kong

In particular we will focus on the impact to filings, ability to conduct searches, certificates of good standing, other relevant searches, court sessions, travel restrictions and the implications for Economic Substance compliance and residency.

Cayman Islands: Regulator to investigate late pension withdrawal payments

The pension provider approved more than 6,000 withdrawals out of more than 9,000 applications. In the first two days alone, BritCay received about 2,000 phone calls, said Neil Wright, BritCay’s pension and life operations manager.

Guernsey data protection authority announces extension to exemption registration

The ODPA has explained that the extensions have been granted due to the fact that it has taken longer than expected for the States of Guernsey and the ODPA to reach agreement on the method of funding the ODPA .

Switzerland to become a leading location for sustainable financial services

In view also of the global challenges, further efforts must be made to safeguard and further expand the interests and competitiveness of the Swiss financial centre internationally.

Ogier advises Brooks Macdonald on acquisition of Channel Islands wealth management and funds business of Lloyds Bank International

The cross-border Ogier team was led by Jersey-based partners Matthew Shaxson and Niamh Lalor

Regulation, Risk & Compliance