Managers of Wealth Offshore

A guide to non-charitable Purpose Trusts in Jersey

The purposes for which trusts are established must also be consistent with public policy and not contrary to the law of Jersey.

Mourant Luxembourg expansion to offer broader range of corporate and fund administration services

Services include, but are not limited to, domiciliation, corporate structuring, fund administration, fund accounting and tax compliance support.

Dollar-starved Maldives notifies new foreign currency rules

The Foreign Currency Regulation (Regulation No: 2024/R-91) mandates that all transactions within Maldives must be conducted in Maldivian Rufiyaa (MVR), except for those explicitly allowed in foreign currency.

STAR Trusts in the Cayman Islands

The STAR Acts only apply where the trust instrument expressly states that they are to apply.

Jersey Finance funds for 2025 cut by £400K

Deputy Ian Gorst, who has responsibility for financial services, was addressing a Scrutiny panel looking into the proposed government Budget for 2025 to 2028.

Luxembourg Business Register - new requirements for private individuals

If the individual already has an LNIN: This number must be provided during the filing process.

BMA warns about fraudulent website

The authority has issued a public warning about the fraudulent website, Stillman Crypto Brazil, which has erroneously claimed that it has headquarters in Bermuda.

Bermuda can help to fill retirement protection gap, says Mais

The life insurance industry newsletter reported Mais noted at a conference panel about cross-border reinsurance that every NAIC president chooses a theme.

BMA registers seven new insurers

Eight new insurance applications were reviewed in September by the Insurance Assessment and Licensing Committee, all of which were approved.

Bermuda Monetary Authority initiates consultation on proposed changes to Bermuda’s digital asset business regime

The proposed amendments aim to enhance the BMA’s administrative, rule-making and enforcement powers, refine definitions used in the Act and amend annual reporting requirements.

Budget proposals for a stronger, more sustainable economy

Malta Chamber of SMEs stresses growing sense of unease in business community

Insurance regulators opt for narrow scope on asset adequacy

Regulators are concerned about the strength of assets backing billion-dollar blocks of life insurance and annuities in offshore reinsurance transactions.

BOV issues up to €100 million 5% unsecured subordinated bonds (2029-2034)

Supporting the bank’s efforts to achieve ambitious strategic plan

Money market report for the week ended October 11, 2024

Information on ECB monetary operations and the domestic Treasury bill market

GST plan proposed as alternative to tax rise

A similar package of tax reform measures was rejected by deputies in October 2023.

Significant amendments to the BVI Business Companies Act 2004

These amendments are not yet in force as of the time of writing, although are expected to be enacted soon.

Unions hit out at pension contribution changes

P&R has said the move will save the States around £8m a year.

Minimum Wage Report published

There is a target outlined in the Island Plan to achieve parity with the Living Wage by April 2025

BMA cancels 777 Re’s insurance registration

As a result of this, the company was restricted from writing any new business without the Authority's consent

Sixty new cat bonds registered in past three years

The three-day process was not expressly implemented for cat bond registrations.

Regulation, Risk & Compliance