Managers of Wealth Offshore

MFSA urges financial institutions to clearly list their terms and fees

Five financial institutions were assessed through a total of 50 online or offsite interactions

Crown Dependencies take next steps to implement OECD’s Pillar Two global tax framework

The Income Inclusion Rule imposes a top-up tax on a parent entity in respect of the low taxed income of a foreign subsidiary.

Regulatory oversight is key for Bermuda’s insurance sector

Oversight is provided by the Bermuda Monetary Authority, the island’s financial regulator.

MFSA urges financial institutions to clearly list their terms and fees

Five financial institutions were assessed through a total of 50 online or offsite interactions

Bermuda – Economic Substance Declaration Filings – May 2024 Alert

Such Declaration Forms must be filed annually

How can charities achieve a smooth audit?

Thorough documentation is arguably one of the key ingredients of a charity audit; it’s important to maintain detailed records for all transactions.

Guernsey takes next steps in implementing OECD Pillar Two Framework

The Income Inclusion Rule imposes a top-up tax on a parent entity in respect of the low taxed income of a foreign subsidiary.

Offshore companies can still play an important role

Closer to home, in the UK, the leaked Panamanian information triggered numerous criminal and civil tax investigations into tax evasion and aggressive tax avoidance.

Isle of Man considers change of policy on family offices

The call for input will lead to further research on the available options, which will form the content of a further consultation paper or discussion paper in due course.

Regulator statement opens door to fund tokenisation in Guernsey

It also usefully sets out that other tokenisation structures, including public, permissionless blockchains, may pose additional risks and may not be consistent with the Bailiwick's regulatory framework.

Financial Services Authority is inviting feedback regarding the provision of Family Office-type services

The NRA is currently being conducted as part of the island’s anti-money laundering and countering the financing of terrorism long-term effectiveness programme.

BOV employees on an exchange visit to Mapfre offices in Madrid

Opportunity to engage in insightful discussions and knowledge-sharing sessions

BVI Company Distributions - From Dividends to Reorganisations

Distributions, including payment or transfer of dividends is often viewed as a relatively minor area of importance in BVI corporate law.

£1 million from dormant bank accounts to go to charities

The JCF has placed the money into the Jersey Community Fund, which pools donations from a number of donors and makes grants to charities and community groups.

FCA publishes details of common application shortcomings for prospective asset managers

The FCA identified a number of common errors that applicants should avoid when applying for authorisation for asset management activities.

Jersey-registered virtual asset service providers list published

Publication of the list will enable VASPs in other jurisdictions to easily identify Jersey VASPs

Digital-asset business partners with Bermudian-licensed firm

Wenia operates under a Class F licence granted by the BMA

GFSC Policy Statement – Approach to Fund Tokenisation

The Commission’s overall position is to encourage technology which enhances services to investors and increases efficiency and effectiveness of operations in the Bailiwick.

Labuan IBFC Inc. and RAM jointly host event on Labuan captive solutions for self-insurance

This collaboration arises from RAM’s LECA rating service for credit and performance evaluation of Labuan IBFC licensees

New legislation designed to make Jersey homes greener put on back burner

Both initiatives had been due to be implemented in 2026 and formed part of Jersey’s Carbon Neutral Roadmap.

Regulation, Risk & Compliance