Managers of Wealth Offshore

What does Brexit mean for tax havens and the City of London?

The words ‘competitive advantage,’ or ‘competitiveness’ when applied to a financial sector, are clear warning signals for those of us who look closely at these things.

Housing market activity rebounds after ending of second Guernsey lockdown

It is a similar positive story for the Guernsey Open Market, where the 37 transactions recorded by Unusualities of Guernsey for the second quarter is only bettered, in recent years, by the fourth quarter of 2020 (43).

Binance payments blocked by Barclays

The banking giant said customers will no longer be able to make credit or debit card payments to the crypto exchange following its ban by the FCA last week

Inclusive Framework BEPS Agreement

Pillar One of the agreement is a significant departure from the standard international tax rules of the last 100 years, which largely require a physical presence in a country before that country has a right to tax.

New disclosure rules for Jersey sustainable investments

The JFSC has just announced that, from 15 July 2021, or 17 January 2022 for existing funds and Jersey investment businesses, new disclosure requirements will be introduced into the Codes of Practice for Certified Funds

Jersey Finance Welcomes the Fact that Government has Joined the OECD’s Statement on International Tax Reform

Jersey’s finance industry has always been ready to evolve to meet new international norms and changing regulatory standards and it has done so effectively in the past.

Regulatory change brings even more transparency to doing business in Switzerland

The new trust law, due to be published for consultation this summer following approval, will make it possible to settle a trust in Switzerland under Swiss law.

Economic Substance Regime Extended to Partnerships

All partnerships, irrespective of formation date, will be required to notify the Tax Information Authority on or before January in each year of their operations in the jurisdiction during the prior year.

Guernsey Economic Substance extended to certain partnerships as from 1 July 2021

As with companies, the Regulations do not apply to collective investment vehicles structured as partnerships, unless they are self-managed.

130 countries and jurisdictions join bold new framework for international tax reform

Pillar Two seeks to put a floor on competition over corporate income tax, through the introduction of a global minimum corporate tax rate that countries can use to protect their tax bases.

Cayman Islands regulator to investigate scope of Binance activities

The Authority is currently investigating whether Binance, the Binance Group, Binance Holdings Limited or any other company affiliated with this group of companies has any activities operating in or from within the Cayman Islands

Saunders v Vautier where the beneficial class is not closed - The Debate goes on

It is settled law nowadays that this principle also extends to discretionary trusts, at least where the beneficial class is closed.

Upper house of parliament approves law to implement EU anti-tax avoidance directive

The 1 January 2020 retroactive effective date for the anti-hybrid rules is causing concern for taxpayers and their advisors.

Cayman Islands Debt Restructuring

Cayman Islands restructuring provisional liquidation is a powerful debt restructuring tool.

Luxembourg companies to hold virtual meetings until 31 December 2021

The following rules will continue to apply notwithstanding any provision to the contrary in the articles of association of the relevant company

Regulations amending Guernsey’s Economic Substance Rules to apply to Partnerships

We anticipate the biggest impact will be on the private equity industry, as well as other parts of the investment management sector that make common use of partnerships

Fund Governance in Focus

The topic has never been more pertinent, with continued regulatory and investor focus on ensuring robust fund governance.

Update on proceeds of crime and legal overseas cannabis

The Minister for External Relations also intends to make an Order specifying the jurisdictions to which this change will apply, based on the outcomes of mutual evaluation reports carried out against the FATF Standards.

Companies urged to be Aware of new Beneficial Ownership Rules

The introduction of these changes send a clear message that the Isle of Man is a responsible and responsive jurisdiction committed to following international financial standards.

Final step in phasing out the GBL1/GBL2 and deemed foreign tax credit regimes in Mauritius: What next?

Grandfathering provisions were introduced to ensure a smooth transition into the new global business framework

Regulation, Risk & Compliance