Managers of Wealth Offshore

Cayman’s compliance regime leads by example

This is unlikely to change under the AML/CFT regime, but CIMA will expect fund managers to check that the service provider’s AML measures are sound and robust.

The IRS’s Updated Voluntary Disclosure Procedures for Offshore Accounts and Assets

As part of the program, taxpayers would receive protection from criminal prosecution for failing to previously report their foreign accounts and the income from those foreign accounts

New laws aimed at taxing rich celebrities on 'fame and image' face hurdles

The tax measure, first unveiled in the 2018-19 federal budget, was aimed at stopping some high-profile individuals creating sneaky structures to minimise the amount of tax they pay.

Cayman Islands captive count rises

Class B, C and D licensees totaled 703 — up from 696 in 2017 — with 21% of insurers in these groups were formed as segregated portfolio companies, according to the statement.

Guernsey providing regulatory certainty on application of electronic CDD

Also at the seminar in London, lawyer Stephen Ozanne, Senior Associate at Walkers, provided a briefing on the impact and potential of the island’s recently-lodged ”smart contracts” and “electronic agents” legislation.

OECD announces progress made in addressing harmful tax practices (BEPS Action 5)

The assessment of preferential tax regimes is part of ongoing implementation of Action 5 under the OECD/G20 BEPS Project.

‘Resilient’ Bermuda Reinsurance Market Copes with U.S. Tax Reform, Catastrophes

Tax reforms, including the lowered U.S. corporate tax rate of 21 percent from 35 percent and the base erosion and anti-abuse tax, have eroded Bermuda’s pricing advantage relative to the U.S.

Burt opens new Brussels office

Mr Burt added that the new office had been set up because constant engagement with the EU was needed instead of “shuttle diplomacy”.

Billions of euros in Satabank transactions deemed 'highly suspicious'

'This makes previous money laundering cases look like child's play'

Government moves ahead with arbitration plans

The UB recently added more advanced courses in arbitration to its law programmes and is working to create a Centre of Excellence.

Earning foreign income? You need to prepare or get hit hard

This is particularly true of South Africans living in low tax jurisdictions like Dubai - where no income tax is levied - who may have built up substantial offshore assets with tax-free income.

Cayman fighting tax evasion, Rivers tells New Yorkers

Premier Alden McLaughlin said the jurisdiction was doing all it could to meet the continuing challenges faced by the financial sector.

Chile's Approach To The Taxation Of The Digital Economy

Both issues are core principles of current tax systems, determining if a jurisdiction has the right to tax an event, and how the taxable basis should be determined.

Entry Into Force Of The Double Taxation Agreement Between Cyprus And Saudi Arabia

The provisions of the agreement will apply to amounts paid or credited on or after 1 January 2020

New BVI Economic Substance Laws And Initial Structuring Considerations

Similar laws were introduced in other zero or low corporation tax jurisdictions such as Belize, Seychelles, Mauritius, Cayman Islands, Bermuda, Jersey, Guernsey and the Isle of Man.

Three U.S. Government Filing Requirements Every American With Assets Offshore Needs To Understand

The threshold is $10,000, and you can meet it by holding $10,000 in a single bank or brokerage account offshore or by holding an aggregate of $10,000 spread among multiple bank or brokerage accounts outside the United States.

‘It’s a budget of the rich, by the rich, for the rich’

Tax evaders who are an economic menace to the society

Public register of beneficial ownership: Legislation delay

Warnings were given that attempts by the UK parliament to legislate for the Crown Dependencies on domestic matters would run contrary to constitutional conventions.

The Latest Changes to BVI Economic Substance

A pure equity holding entity will be subject to a reduced economic test whereas intellectual property companies will face more rigorous requirements.

The Fed is probing Deutsche Bank over billions in suspicious transactions in another twist in the Danske Bank money laundering scandal

The US Federal Reserve is investigating how Deutsche Bank handled billions suspicious payments from Danske Bank, as regulators try to unravel who was involved in one of the largest financial scandals in history.

Regulation, Risk & Compliance