NEWS

The Cayman Islands passed three pieces of offshore legislation yesterday, with a goal of modernizing the industry. The largest reform was 13 new provisions added to the Cayman Companies Law, as well as amendments to the companion legislation. The changes address issues ranging from uncertainty over mergers to the transfer of shares electronically as well as smaller issues such as providing for foreign script dual names on legal documents without direct translations. Issues related to treasury shares, share redemption and repurchases, and execution of documents were also touched upon. Besides the company law, amendments were made to the securities Investment...

NEWS 2020

On March 30, Seychelles signed 7 tax information exchange agreements (TIEAs) in one swoop with members of the nordic alliance - Norway, Denmark, the Faroe Islands, Finland, Greenland, Iceland and Sweden. This brings the Seychelles considerably closer to reaching the total number to eight. This brings the island closer to joining the OECD white list, which requires the signature of 12 TIEAs. The Seychelles has been conducting a series of reforms aimed at increasing their standing as an international financial center. Personal income tax fell from 18.75% to 15% in October of last year, and debt has been almost halved...

NEWS 2020

The Bahamas Government amended its National Investment Policy (NIP) last month to provide accelerated permanent residency consideration for investors and individuals purchasing a residence valued at US$1.5 million or more. Permanent residence is a status issued to an individual for the duration of his/her life unless revoked, and gives him/her the right to live and or work, but not the right to vote in The Bahamas. An individual seeking permanent residence must make a minimum investment of US$500,000. For more substantive investment of $1.5 million or greater, applications will be reviewed within 21 days. rovided you have all of the...

NEWS 2020

The Turks and Caicos Island passed its 2011/2012 budget last week, which included a major adjustment to the tax system designed to pave the way for the implementation of a value-added tax by 2013. The island is in the middle of a fiscal crisis, with assistance from the UK supporting the government budgets. The economy doubled in size between 2002 and 2008, but public sector spending increased threefold, with a shrinking tax base due to government exemptions and concessions. Tax revenues fell tp 16% of GDP in 2010 from 24% in 2006. The proposed VAT is expected to make up...

NEWS 2020

Chinese non-financial companies made direct investments valued at US$8.5 billion in 974 overseas enterprises in 98 countries and regions around the world in the first quarter of 2011, Yao Jian, spokesperson for the Ministry of Commerce, announced on April 19. With the cumulative outbound direct investments from non-financial companies reached US$ 267 billion at the end of March 2011. Several offshore centers were high on the list of investment destinations, with the largest recipients of outbound direct investment being Hong Kong, Australia, the Cayman Islands, Luxembourg, Iran, the United States, Singapore, Burma, Brazil, Cambodia and Laos. Direct investments in Australia...

NEWS 2020

The Indian Finance Ministry wrote to the government of Mauritius last month requesting changes to their double taxation agreement enabling more information to be exchanged for tax purposes. India would like an agreement to include specific provision of sharing of banking information and also an article on assistance in the collection of taxes, said Sudhir Chandra, Chairman of the Indian Central Board of Direct Taxes (CBDT). India has complained for years about the ease of ound tripping or Indian companies establishing in Mauritius and then reinvesting in India in order to cut down on taxes. In order to cut down on...

NEWS 2020

According to South China Morning Post, Guernsey companies have been given approval to list on the Hong Kong Stock Exchange (HKEx), following an agreement reached by the exchange committee. A statement on the Exchange's website on Wednesday 18 May confirmed the agreement was made on Thursday 24 March, as Guernsey follows fellow Channel Island Jersey which received approval to list its incorporated companies on the HKEx last year. Guernsey Finance chief executive Peter Niven said the development was of particular importance because it allows Guernsey providers to match its competitor jurisdictions in meeting demand from clients in the Far East. Later...

NEWS 2020

In the 1890s England, a young man, who was under the guardianship of his godfather since the decease of his parents, yearned to enter into wedlock with his godfather daughter. His godfather, opposed to the affair, prescribed a seemingly impossible prerequisite for their union, that is, if three Sundays would happen to be in one week. Exerting his knowledge of the International Date Line, the young man proposed an imaginary scenario that three Sundays did concur in one week. The main character of the 19th Century Edgar Allan Poe novel may now be able to find a contemporary counterpart, Samoa....

NEWS 2020