View from Carey Olsen

Why Offshore for Fintech?

Fintech is changing the way banking and financial services businesses are operating at an incredible pace. There are many challenges and opportunities that face financial institutions, business, investors and start-ups. As with much new technology, the speed of change frequently outstrips the legal and regulatory landscape and fresh approaches are often required to adapt. With […]

Cayman Islands investment funds – Changes to the AML Regime

A number of significant changes to the anti-money laundering regime applicable to Cayman Islands investment funds were introduced towards the end of 2017. The key changes are: • Unregulated investment funds will be subject to the Anti- Money Laundering Regulations, 2017 (as amended, the “AML Regulations”) from 31 May 2018 • The Cayman Islands Monetary […]

ATF v JCRA – Royal Court considers abuse of a dominant position for first time in Jersey

By John Kelleher, John McCormick, Rebecca Steens In ATF Overseas Holdings Limited v The Jersey Competition and Regulatory Authority [2018] JRC 004, the Royal Court has for the first time considered an appeal against a finding by the Jersey Competition and Regulatory Authority (the JCRA) of abuse of a dominant position. Carey Olsen successfully acted for ATF Overseas […]

Taxation in Guernsey- A summary

A company incorporated in Guernsey is treated as tax resident in Guernsey in any year of charge. Companies resident in Guernsey are subject to income tax on their worldwide income (foreign tax relief is available). A standard rate of 0% applies to most companies that are tax resident in Guernsey. However, income arising from certain activities […]

Insurance business transfer in Guernsey- An outlook

Insurers often wish to transfer portfolios of insurance contracts, either to another insurer in the same group in the course of a restructuring; or to a third party insurer (typically where the transferor wishes to exit a particular market). In the UK, Part VII of the Financial Services and Markets Act 2000 (“Part VII”) permits […]

Country by country reporting regulations- Cayman Islands

All Cayman Islands entities are part of a group with annual revenue exceeding US$850 million. If this is true for any entity in respect of its fiscal year immediately preceding its fiscal year that commenced in 2016, that entity must notify the Cayman Islands Tax Information Authority (“TIA”) by 15 May 2018 (if its group […]

UK tax residence considerations for Guernsey companies

It has been a long-established principle of UK tax law that a Guernsey company, as any other non-UK company, will be treated as being UK tax resident for a particular financial year if the “central management and control” (CMC) of that company is exercised within the UK during that financial year. Whether CMC of a […]

Shanda Games Limited – Cayman CoA judgment

By Michael Makridakis, Jan Golaszewski, Dhanshuklal Vekaria, Yang Yang On 6 March 2018, the Cayman Islands Court of Appeal handed down judgment in an appeal brought by Shanda, holding that a “minority discount” should be applied in assessing the fair value of a dissenter’s shareholding. The judgment provides welcome certainty in take-private litigation in Cayman with the Court largely […]

Real estate finance – a guide to Guernsey property unit trusts

As a politically stable and tax neutral jurisdiction with over 40 years accumulated experience as an international finance centre, Guernsey has gained a strong reputation as a prime location in which to establish investment structures of all descriptions including a large number of property funds and property holding vehicles. This brief guide has been prepared […]

Directors’ Duties – Memorandum

By Ben Morgan One of the small, but important, details to arise from the recent case of Carlyle Capital Corporation Limited (in Liquidation) and others v. Conway and others [2017] (“Carlyle”) was that the directors under fire in that case were able to demonstrate to the court that they were acquainted with the duties of a director […]

BVI Limited Partnership Act 2017 replaces Part VI of the former Partnership Act, 1996

By Clinton Hempel, Alan Hughes, Elizabeth Killeen, Sharon Mungall, Katrina Lindsay The Limited Partnership Act, 2017 (the “Act”) was gazetted and brought into force in early 2018 in the British Virgin Islands (“BVI”). The Act creates a modern regime for new limited partnerships, and replaces Part VI of the former Partnership Act, 1996 (the “1996 Act”) for new limited partnerships and for those existing limited […]

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