Managers of Wealth Offshore

Guernsey: Details on introduction of mandatory disclosure regime announced

Disclosures will be required to be made within 30 days of the date an intermediary makes a CRS avoidance arrangement

Guernsey: Guidance on economic substance information required in company tax return issued

All companies that generate income from undertaking a relevant activity will be required to provide details of the net book value of tangible assets held as at the balance sheet date.

Jersey: Consultation on introduction of mandatory disclosure regime launched

Revenue Jersey would exchange the information reported with relevant jurisdictions where it is able to do so pursuant to its network of bilateral information exchange agreements.

Costa Rica Clarifies Amendments To Non-Cooperative Tax List

The Ministry said that exclusion of any of the territories from the decision would amount to an arbitrary interpretation of the rules for placement on the list.

Cayman Islands Perpetuity Periods and the “Royal Lives” Clause

The rule against perpetuities prevents people from using legal instruments (such as a trust deed or will) to exert control over the ownership of property for an extended or indefinite period of time.

The Rules On Economic Substance In The British Virgin Islands.

The changes to the Draft ES Code as reflected in the new Rules are mainly stylistic.

Equiom Announced as Master Trustee for DIFC Savings Scheme

The scheme is due to launch in January 2020 with Equiom as the Master Trustee and Zurich serving as the administrator for the scheme.

Central Register of Beneficial Ownership of Corporates-An-Update-Ireland

On 29 July 2019 the Central Register of Beneficial Ownership of Companies and Industrial & Provident Societies ("Central Register") opened for filings.

The Future Of Financial Services In The Turks And Caicos Islands

The afternoon breakout sessions will provide engaging and enlightening discussions around the industry.

Luxembourg Update: CSSF Mandatory Notifications October-2019

On 11 October 2019, the Commission de Surveillance du Secteur Financier issued a press release in relation to Brexit.

The Crown Dependency of Guernsey: Constitutional Insights

This is a substantive academic issue in its own right but the purpose of this note is to clarify the key facts and issues surrounding this topic.

MEP calls for stronger EU anti-money laundering efforts amid Deutsche Bank withdrawals

Deutsche Bank's cutting of ties with five eurozone countries is embarrassment for European Banking Union, Sven Giegold says

Irish Budget 2020 - A Roadmap for Irish and International Business

The annual Irish Budget provides a platform for the Irish Minister for Finance to announce tax changes and also to take stock of Ireland's economy and strategy for future growth.

Cyprus, Malta lead EU ranking of $1.6 trillion assets held offshore

Offshore holdings, although in many cases completely legal, could help taxpayers hide taxable money and cut their bills if they stash their savings in low-tax jurisdictions.

Deutsche Bank pulls the plug on Malta

Deutsche Bank has come under intense regulatory scrutiny across the globe over its processing of dirty money, some of which came about as a result of its correspondent banking relationships.

GFSC proposes financial crime updates

A short memorandum and redlined draft of Chapter 17 of the Handbook outline the proposed changes.

The Non-Resident Landlords Scheme

If your clients have entities with UK property which is generating rental income, they should ensure that appropriate returns are filed and tax paid by 31 January 2020.

Bermuda Expands Licensing Regime to Include Digital Assets Derivatives

The DABA Amendment extends the scope of digital asset business activities that are captured under the Digital Assets Business Act, 2018

HSBC to close eight branches across Malta

The bank also announced "subject to MUBE agreement, a reduction in roles within the organisation on a voluntary basis".

Virgin Islands approves budget that doesn’t address pension gap

It was largely like the budget he proposed to the Senate in late May.

Regulation, Risk & Compliance