Related briefings

Trustee knowledge series: Advanced paper one: adding and excluding beneficiaries

Offshore trusts often include provision for the addition, appointment and removal of beneficiaries, to provide flexibility for the future and to “arm the trustees with a weapon which will enable them to consider all developments and respond to all future mishaps and disasters”. Without the benefit of a crystal ball, settlors cannot predict if a change in future circumstances may mean certain persons either need to be added to the class of beneficiaries or removed from the existing class. This paper is intended to give an overview of the relevant powers of addition and removal to be taken into account before exercising the powers and some of the common issues that may arise in relation to exercising the powers.

Virtual currency in Bermuda

In 2015, my colleague wrote a Legally Speaking column about virtual currencies in Bermuda, outlining how we were starting to hear about and experience them. The conversation focused more on the nature of virtual currencies, i.e. an asset without a physical form, and less on how virtual currencies could be integrated into Bermuda. The column […]

Further updates to the JFSC’s AML handbook

On 31 May 2021, the handbook for the prevention and detection of money laundering and the financing of terrorism for regulated financial services business (the AML Handbook) published by the Jersey Financial Services Commission (JFSC) will be updated. The amendments are made as a direct result of the consultation undertaken by the JFSC in March […]

Changes to the rules on Bermuda status for children

The Government of Bermuda has recently introduced changes to assist with the process of verifying and obtaining Bermuda status for children born to parents of Bermudians, to help address concerns relating to so-called ‘mixed status families’.

Latest Briefings

Principles applicable to an ‘insolvent’ trust in Jersey

It is important that trustees understand their obligations if their trust structure comes under financial stress. Helpfully, the Jersey courts have provided guidance on the principles applicable to ‘insolvent’ trusts, which is likely to be highly persuasive in other jurisdictions.

Flexibility and teleworking

Flexible working is not a new concept in the UK, and it exists in a number of forms, both formal and informal.

The economic substance requirements for Jersey partnerships

The Taxation (Partnerships – Economic Substance) (Jersey) Law 202- was lodged with the States Assembly on 18 May 2021 and, if passed, is expected to come into effect from 1 July 2021 (with a six month transition period to 1 January 2022 for partnerships established before 1 July 2021).

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