12/18/2018
Tax Update: IRS Trims Back FATCA
The proposed regulations also eliminate FATCA withholding on certain insurance premiums and provide other helpful guidance.
Regulation, Risk & Compliance
12/17/2018
UK govt to stop use of illicit money in property purchases by foreigners
The phenomenon has turned the real estate markets of North American and European cities into the savings accounts of wealthy foreigners - some of whom face allegations of corruption or crime back home.
12/17/2018
Antigua PM Invites Scotiabank to Meet With Banks Interested in Purchasing Local Operations
Prime Minister Browne has taken the position that his government will not give the vesting order to facilitate the bank’s divestment unless a consortium of local banks is given the first right of refusal to acquire the bank’s operations.
12/17/2018
Guernsey regulator clarifies collateral rules for ILS cells
The regulator, the Guernsey Financial Services Commission (GFSC), has clarified a number of issues around the authorisation process for ILS cells following talks with the Guernsey International Insurance Association.
12/14/2018
BVI named top offshore jurisdiction for eigth consecutive year in 2020 report
It notes that the BVI is an established trade route for many Asian businesses which have seen more significant growth than other regions and have a relatively strong demand for offshore, remaining loyal to IFCs that provide consistently high service.
12/14/2018
Companies warned against complacency on substance legislation
Over 200 delegates attended the seminar, which was presented by EY’s Partner and Head of Tax in the Channel Islands, Wendy Martin.
12/14/2018
Barbados and Russia Keen on Deepening Relations
Ambassador Kurmaz also noted that it was Russia’s desire to build constructive cooperation with Barbados in all areas, preferably in bilateral and multilateral fora.
12/14/2018
China’s rich rush to shelter $1 trillion from new taxes
The reforms, which take effect Jan. 1, are meant to reduce the tax burden on lower-and middle-income people by making the rich pay more.
12/14/2018
Amid Brexit turmoil, UK reassures overseas territories
In terms of educational opportunities, the VI was invited to the Education World Forum in London in January.
12/14/2018
How To Set-Up A Offshore Company In Switzerland
There are undoubtedly numbers of benefits people can get when they form an overseas company.
12/14/2018
Guide to the Cayman Islands
New legislation covers a range of areas, from data protection (an increasingly complex area) to anti-money laundering and beneficial ownership.
12/14/2018
Substance in Cayman: The Blacklist Deadline Looms [Brought to you by Carey Olsen Singapore]
These discussions, to ascertain which entities are deemed acceptable and what corresponding measures need to be put in place will have highlighted the complexities of such a task.
12/12/2018
US anti-money-laundering bill could reappear early next year
Critics say the proposed law, which stalled following the US mid-term elections, would place an unnecessary burden on dealers
12/12/2018
SBM Bank eyes HNIs, small biz for growth
Besides SBM Bank, Singapore-based DBS Bank is also converting its local branches into a wholly owned subsidiary
12/12/2018
Mixed reactions to impact of economic substance legislation
However, Cayman Finance, the association representing financial services in Cayman, believes clients will have no problems adapting to the new rules and will take the changes “in their stride.
12/12/2018
New IRS offshore amnesty regime imposes bigger penalties for secret accounts
The OVDP was initiated in 2009 and was designed to bring taxpayers with undisclosed foreign income, accounts and assets into US tax compliance.
12/12/2018
Gibralter Fines WaveCrest Prepaid Crypto Card Company $315 000 for AML/CFT Failings
The company subsequently ran afoul of Gibraltar financial authorities and has now settled.
12/12/2018
MIIPA: Malta sets new citizenship by investment standard
At the Malta Individual Investor Programme Agency, we believe success stems from a combination of proactiveness, timeliness and determination.
12/12/2018
AXIS extends CEO Benchimol's contract to 2023
Benchimol assumed the CEO role in May 2012 and has served as a director since January 2012.
12/12/2018
Local providers preparing for new substance requirements
Companies that are in scope will have to demonstrate for substance purposes that, in relation to ‘relevant activities’, they are directed and managed in Guernsey