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Cyprus and US sign FATCA IGA

On 2 December 2014, the US and Cyprus governments signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). There are two types of IGAs known as "Model 1" and "Model 2". The...more

12/10/2014 - Cyprus FATCA FFI Intergovernmental Agreements IRS Reporting Requirements

FATCA in Cayman: Deadline Approaches

The deadline for compliance with both US FATCA and UK FATCA fast approaches. Cayman entities which are classified as Financial Institutions are within the scope of FATCA. A typical Cayman fund will fall within the...more

12/10/2014 - FATCA FATCA Timeline Financial Institutions GIIN IRS UK

BVI's FATCA implementation continues

The implementation of the FATCA Intergovernmental agreements (IGAs) signed by the BVI with the US and the UK has taken another step forward by way of amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT)...more

11/19/2014 - BVI Business Companies FATCA Intergovernmental Agreements

Record Keeping Obligations for BVI Companies, Partnerships, Trusts and Other Organisations

The record keeping obligations applicable to BVI companies and partnerships were amended in November 2012 and again in September 2014. The changes have been introduced following OECD Peer Reviews of the Territory. The Reviews...more

11/17/2014 - BVI Business Companies OECD Recordkeeping Requirements

The Impact of FATCA on British Virgin Islands Funds

In March 2014, the British Virgin Islands Government announced that it had concluded negotiations with the US with respect to a Model 1B Intergovernmental Agreement with the United States (the IGA). The IGA (which was...more

7/28/2014 - BVI Business Companies FATCA Intergovernmental Agreements International Tax Authority

BVI publishes draft FATCA Guidance Notes

In the latest moves towards implementation of the FATCA Intergovernmental agreements (IGAs) signed by the BVI with the US and the UK, the BVI Government has released draft Guidance Notes for public consultation. A copy can be...more

7/22/2014 - BVI Business Companies Draft Guidance FATCA Intergovernmental Agreements UK

New security features added to ROCA certificates

The BVI Financial Services Commission issued the following announcement on 1 July 2014 regarding new security features for Registry of Corporate Affairs (ROCA) certificates: New certificates bearing a QR Code and a...more

7/3/2014 - BVI Business Companies Information Security

BVI Government signs Model 1B IGA in relation to FATCA

The BVI Government has signed a Model 1B (non-reciprocal) Intergovernmental Agreement (IGA) in relation to the US Foreign Account Tax Compliance Act (FATCA), it was announced on 30 June 2014....more

7/1/2014 - FATCA Intergovernmental Agreements U.S. Treasury

BVI signs TIEA with Japan

The British Virgin Islands (BVI) government entered into its twenty-sixth tax information exchange agreement (TIEA) with the Government of Japan on 18 June 2014. This new TIEA is not present in force but will enter...more

6/23/2014 - Japan TIEA

BVI concludes negotiations with US on FATCA

The British Virgin Islands Government has today announced the conclusion of negotiations with the United States on a Model 1 Intergovernmental Agreement (IGA) under the US Foreign Account Tax Compliance Act (FATCA)....more

3/12/2014 - FATCA IGAs Negotiations

The British Virgin Islands and Investment Funds

This guide provides an overview of the various investment fund vehicles available in the British Virgin Islands (BVI). It concentrates on regulated investment funds and, in particular, hedge funds, since these constitute a...more

2/10/2014 - BVI Business Companies Hedge Funds Investment Funds

BVI Signs "UK FATCA" and US FACTA is expected to follow

BVI Signs "UK FATCA" - The British Virgin Islands ("BVI") Government signed an agreement (“UK/BVI IGA”) with the United Kingdom providing for automatic exchange of financial information relating to UK tax payers who...more

2/7/2014 - BVI Business Companies FATCA UK

Guide to the British Virgin Islands Approved Manager Regime

This guide provides an overview of the British Virgin Islands’ Approved Manager regime. The regime came into effect on 10 December 2012 with the Investment Business (Approved Managers) Regulations, 2012 (the “Regulations”)...more

1/6/2014 - Approved Managers Foreign Bank Accounts Fund Managers Offshore Banks Offshore Funds SIBA

Update on the Alternative Investment Fund Managers Directive

Harneys’ reaction to the Press Release from the European Securities and Markets Authority (ESMA) dated 30 May 2013 - Introduction - It has been announced today that ESMA has approved co-operation arrangements...more

5/31/2013 - AIFM AIFMD ESMA EU

BVI and Cayman to enter into FATCA Model 1 agreements with United States

Both jurisdictions also pledge to sign up to “UK FATCA” - The US Foreign Account Tax Compliance Act, commonly referred to as FATCA, became effective earlier this year, and foreign financial institutions (“FFIs”) in...more

4/12/2013 - FATCA Intergovernmental Agreements IRS

Order Restored: Court hands down key judgment on BVI hedge fund insolvencies

Introduction - The Court of Appeal of the Eastern Caribbean Supreme Court on Monday, 11 March handed down an important ruling on the question of where investors stand in the “waterfall” of distributions in the...more

3/12/2013 - Hedge Funds Investors Liquidation Offshore Funds

The British Virgin Islands and Investment Funds

This Guide provides an overview of the various investment fund vehicles available in the British Virgin Islands. This Guide concentrates on regulated investment funds and, in particular, offshore hedge funds, since these...more

1/22/2013 - Financial Services Commission Foreign Investment Hedge Funds Investment Fund Vehicles Limited Partnerships Offshore Companies Public Funds SIBA

Changes to SIBA's 'significant interest' provisions

An important part of the assessment of an applicant for a SIBA licence is to consider the fit and proper status of the persons who ultimately own and exercise control of the licensee. Section 11 of SIBA has always required...more

1/21/2013 - Investment Adviser Licenses Securities SIBA Significant Interest Written Consent

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