On 16 April 2014, the Privy Council ruled in the claims brought by the liquidators of Fairfield, one of the largest feeder funds into Bernard Madoff’s investment company.
The BVI Commercial Court and the Eastern Caribbean…more
In a welcome announcement made on 2 April 2014, the US Internal Revenue Service (IRS) made provision for Financial Institutions in jurisdictions that have already reached an "agreement in substance" on the terms of a Model 1 or…more
The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures which are in force from 31 March to 4 May, 2014. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are…more
On 19 March 2014 the Commercial Court handed down its ruling in C v W Inc (BVIHC (Com) 2013/149). In that case a shareholder holding more than 30 per cent of the company’s shares tried to exercise its power to requisition a…more
In an earlier update we outlined in summary the application of the first round of EU sanctions on Ukraine, relevant to former President Viktor Yanukovich and his close allies. Here we provide an update on the fast moving pace of…more
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
Benefits of using a Cayman SPV in Islamic financing -
There are numerous reasons for Cayman’s popularity among Islamic investors. As a British Overseas Protectorate, Cayman is politically stable and its laws are based on…more
This guide contains a summary of the current sanctions regime imposed on Ukraine by the European Union in March 2014. No sanctions on the Russian Federation, as relevant to Cyprus, the British Virgin Islands (BVI) or the Cayman…more
Recent decisions in the BVI Commercial Court have shaped the applicability and enforcement of arbitration clauses and, notably, how they interface with BVI statutory remedies and liquidations.
The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures which are in force until 30 March. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below…more
On January 30 2014 the board of directors of the Bank of Cyprus Public Company Ltd approved two important decisions, thereby meeting the expectations of its depositors and the general public in Cyprus for enhancing liquidity in…more
Harneys has successfully brought an action that changes the law relating to the access of the BVI Courts to enforce a foreign judgment. The Court of Appeal victory was quickly followed by a change in the civil procedure rules to…more
On January 17 2014 the Ministry of Finance published the 25th Decree, as required by Articles 4 and 5 of the Enforcement of Restrictive Measures on Transactions in Case of Emergency Law 2013. The decree…more
The BVI Financial Investigation Agency (FIA) is presently reviewing the compliance arrangements of real estate agents throughout the jurisdiction to ensure they meet the requirements of the British Virgin Islands’ (BVI)…more
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 large…more
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