News & Analysis as of

Offshore Companies

The UK Government Proposes Innovative Transparency Requirements for Overseas Owners and Buyers of UK Property

by K&L Gates LLP on

On 5 April 2017, the then UK government published a Call for Evidence seeking views on the design of an innovative public register intended to show beneficial ownership of overseas legal entities ("overseas entities") that...more

IRS Reverses its Position Regarding the Treatment of Merger Breakup Fees

In July 2014 AbbVie Inc. and Shire Plc's announced a $54.8 billion merger deal that would have made AbbVie the largest U.S. company to move its legal residence, though not its operations, abroad in order to lower its tax rate...more

Bermuda – Proactively Seeking to Grow its Influence as an Off-Shore Investment Jurisdiction

Bermuda has long been a favorite jurisdiction of captive insurance companies and insurance-linked investment funds. More than 70% of the $25 billion in global insurance-linked securities (ILS) volume is listed on the Bermuda...more

The Limitation of Liability Act of 1851: Recent Court Decisions Highlight Significant Issue for Offshore Energy Industry

by King & Spalding on

In 1912, a vessel owner by the name of White Star Lines invoked a little understood U.S. maritime law to limit its liability arising out of a maritime disaster. In 2010, a vessel owner by the name of Transocean invoked the...more

OCAC Publishes Report on Voluntary Disclosure Program

by Dentons on

The Offshore Compliance Advisory Committee (OCAC) has published its report on the CRA’s Voluntary Disclosure Program, the first of several anticipated OCAC reports in furtherance of the OCAC’s mandate to provide advice to the...more

Intellectual Property Bulletin - Fall 2016

by Fenwick & West LLP on

Mean Girls v. The Right of Publicity: Lessons Learned From the Lohan and Gravano Lawsuits - On September 1, 2016, a New York appellate court ended two closely watched right of publicity lawsuits brought by Lindsay...more

Hong Kong in the Spotlight – the ICIJ Release Panama Papers Offshore Companies Data

by Locke Lord LLP on

On May 9, 2016 the International Consortium of Investigative Journalists (ICIJ) released a searchable database with information on almost 320,000 offshore entities from of the Panama Papers and Offshore Leaks investigations....more

In Wake of Panama Papers Scandal Obama Calls for Stricter Bank Regulations, Tax Rules

In a recent news conference President Obama addressed rules and proposed regulations announced Thursday intended to help the U.S. fight tax evasion and other crimes connected to anonymous offshore companies and accounts. The...more

Panama Papers To Be Released May 9, 2016. Why Does It Matter?

by Sanford Millar on

The International Consortium of Investigative Journalists (ICIJ) will release perhaps the largest database of private offshore companies and their ultimate owner ever made public. According to the ICIJ...more

David Cameron announces acceleration of new corporate offence of failing to prevent "associated persons" from facilitating tax...

by DLA Piper on

The UK Government has announced the proposed introduction of a new corporate offence of failing to prevent the facilitation of tax evasion. The new offence is likely to build on draft legislation produced in...more

An Analysis of the UK’s New Register of Beneficial Owners

by WilmerHale on

The New Register - From 6 April 2016, most UK companies, LLPs and Societas Europaea became required to maintain a register of “persons with significant control” (PSCs). A PSC is defined as an individual who ultimately...more

“A Look Ahead To 2016” – The Coast Guard Charts Its Course For The Coming Year

by Baker Donelson on

The United States Coast Guard Rear Admiral Paul Thomas recently penned an article for the Marine News magazine, February 2016 edition, highlighting the Coast Guard’s “priorities” for 2016. The article is available at the...more

International Tax Advisory: New IRS Notice Continues Attack on Inversions

by Alston & Bird on

There is no love lost between the U.S. Treasury and U.S. companies seeking offshore tax homes. Absent congressional action to stem the inversion tide, the Treasury and IRS are left to flex their regulatory and administrative...more

Tax Newsletter - July/August 2015 (China & Hong Kong)

by DLA Piper on

Welcome to the latest issue of our Tax Newsletter. As you may be aware, much has happened since our last issue. In this issue, we highlighted a number of developments in both the PRC and Hong Kong that could be of legal and...more

Significant Amendments Made to Bermuda’s Partnership Legislation

by Bennett Jones LLP on

Bermuda is widely perceived as a blue chip offshore financial centre (not just in insurance and mutual funds) and continues to introduce new or amend existing legislation to attract more investors to use the...more

Further Crackdown on Offshore Corporations

In their continued effort to crackdown on offshore activity, the IRS and Treasury released proposed regulations yesterday that target debt held by foreign partnerships. These regulations provide that debt held by foreign...more

CFPB Sues Offshore Payday Lender

On August 4, the CFPB announced the filing of a lawsuit against NDG Eneterprise, a complex web of commonly controlled companies, for collecting money consumers did not owe. The CFPB alleges that the defendants illegally...more

Global Tax News - July 2015

by DLA Piper on

EUROPEAN UNION RE-LAUNCHES FORMULARY APPORTIONMENT: KEY POINTS ABOUT THE CCCTB The European Commission has recently released a Communication to the EU Parliament calling for a re-launch of its proposal from 2011...more

More UK Residential Property for the IHT Net

by Reed Smith on

The headline-grabbing inheritance tax (IHT) news from last week’s Budget was the introduction, from April 2017, of an additional nil rate band when a residence is passed on death to direct descendants. However this is only...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

by DLA Piper on

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Goods and Services Tax in Australia to Apply to Offshore Digital Supplies (and More)

by K&L Gates LLP on

Draft Goods and Services Tax (GST) legislation has been released which seeks to level the playing field by ensuring that digital products and services provided to Australian consumers are subject to GST, whether provided by...more

"Restructuring Offshore PRC Debt"

As the growth of the Chinese economy (and the real estate sector in particular) slows, we are seeing stress in an increasing number of issuers of offshore noninvestment-grade People’s Republic of China (PRC) bonds. It seems...more

Deadline for Filing BE-10 Approaches for Private Funds and Private Fund Managers

by Morgan Lewis on

Most private funds or their managers will be required to file a BE-10 with the US Department of Commerce by May 29th. This year marks the return of the BE-10, the five-year benchmark survey of US direct investment...more

Privy Council Clarifies When Innocent Third Parties are Liable to Victims of Fraud

by Cooley LLP on

To what extent must a bank make inquiries as to the commercial purpose of a transaction, particularly a transaction involving an offshore structure? And when is a bank liable to compensate a victim of theft for receiving...more

Corporate Alert: China’s New Tax Regulation on Indirect Disposals Complicates Certain Offshore M&A Deals

by Fenwick & West LLP on

In 2009, China’s State Administration of Taxation (SAT) promulgated Circular 698 to empower PRC tax authorities to re-characterize transfers by non-PRC residents of shares in offshore companies that hold equity interests in...more

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