Loans & Secured Financing in the Cayman Islands 2021
A Q&A guide that provides a topical analysis of loans & secured financing in the Cayman Islands.
The relationship of trustees to beneficiaries is viewed as fiduciary, meaning there are certain equitable principles which prevent trustees from abusing their position; for example, they must always act in utmost good faith in the interests of the beneficiaries and are expected to act selflessly (e.g. they cannot make unauthorised personal gains) and with undivided loyalty (i.e. they should avoid conflicts of interest).
Changes to rules on Permanent Residency Certificates
The Ministry of Labour has recently issued a policy paper, ‘Securing Permanency for Long-Term Residents’, setting out various proposed changes to immigration law aimed at providing new routes to a Permanent Residency Certificate (“PRC”) for certain long-term residents (“LTRs”) and others. The Government has said this initiative supports its priority of achieving a simplified, fair, and modern framework for immigration in Bermuda, and follows changes to the rules on ‘Mixed-Status Families’ that came into force in September 2020. This article discusses how the proposals will impact the existing position under the Bermuda Immigration and Protection Act 1956 (“Act”).
This guide provides broad information of the law and procedures relating to purpose trusts in Bermuda.
What to remember when an employee leaves
Just as when a new recruit is on-boarded, there are a variety of tasks an employer needs to deal with when one of its employees leaves. Some of these are practical, “housekeeping” matters, whereas others are legal obligations or important steps needed to protect the company’s interests. This article sets out some of the key issues that employers should bear in mind.
Private Equity (Fund Formation)
The Lexology Private Equity (Fund Formation): Global overview is an is easy-to-use reference guide which provides comparative analysis and expert local insight into the field of private equity fund formation, covering areas such as choice of vehicle; formation process; regulation, licensing and registration; taxation, including relevant tax treaties; selling restrictions; listing considerations; participation in private equity transactions; and compensation and profit-sharing issues. The following article, focused on the British Virgin Islands (BVI), is taken from the chapter contributed by Appleby.
BMA seeks more seamless marketplace with ILS process enhancements
Recent changes made by the Bermuda Monetary Authority (BMA) to improve processes specific for catastrophe and mortgage bonds, shows that the island is listening to its clients and being more adaptive in the face of growing competition, according to Brad Adderley, Partner at global law firm Appleby.
Trustee Knowledge Series: Advanced Paper Three: Changing of the Guard
Part of our series of Trustee Knowledge Papers, set out to be a useful reference guide for all levels of Trust company administration; from junior administrator to director.
Beneficial Owners and Controllers (BOC)
The aim of BOC is to drill-down to the identification of persons who are the beneficial owners and controllers of legal persons or legal arrangements. This is required to prevent illegal activities via corporate entities or legal arrangements that can disguise identities and convert the proceeds of crime.
ILS Bermuda Executive Roundtable 2021
Despite the impacts of the Covid-19 pandemic and subsequent restrictions on travel and face-to-face meetings, Bermuda attracted a significant amount of startup capital in 2020 ahead of expected reinsurance market firming.
A digital asset future: closer than we think
Most of us at some point in our lives have participated in a rewards programme either at our favourite coffee shop or restaurant.
This article casts light upon the recent case in June this year of Re Q [2021] JRC 166. This case provides useful guidance as to the Royal Court’s approach in relation to applications to set aside a trust on the grounds of mistake, where it is acknowledged that the relevant person was aware of some risk of adverse tax consequences.
