Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 (the ‘ELP Bill’) was gazetted on 21 February 2014. The ELP Bill is a major reworking of the current Exempted Limited Partnership Law and is expected to be passed into law by the end of the first quarter of 2014.
The ELP Bill seeks to increase the attractiveness of the Cayman Islands as a leading domicile for partnership formation by offering greater clarity and flexibility for exempted limited partnerships that will benefit investors…
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The Trusts (Special Provisions) Amendment Act 2014 provides certainty regarding how far settlors can go without calling the validity of the trust structure into question.
This memorandum has been prepared for the assistance of those who are considering registration of a foreign limited partnership in the Cayman Islands.