The Cayman Islands and the US sign FATCA agreement
On 29 November 2013 in London, the Cayman Islands and US governments entered into an agreement paving the way for the automatic exchange of tax information under the US Foreign Account Tax Compliance Act (FATCA).
In addition to signing the agreement, the two governments also signed a new tax exchange agreement (TIEA) that replaces the original TIEA signed in 2001. The new TIEA provides the mechanisms by which tax information will be automatically exchanged between the two countries.
FATCA imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities (foreign financial institutions or FFIs), including banks and other financial institutions, investment funds and other collective investment vehicles, as well as certain insurance companies…
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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 was gazetted on 21 February 2014.
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.