This is the first in a series of of Mauritius Regulatory Alerts in which we bring you an overview of the latest legal and regulatory developments in the offshore world, with a particular focus on Mauritius.
Landscape of Bermuda financial sanctions
In the ever-changing world of politics and their related global financial sanctions, it is imperative that businesses understand the financial sanctions regimes in place and have effective methods to screen their systems for any potential breaches.
A Sympathetic Ear: a review of trustees’ use of the Cooper application in the Cayman Islands
The Public Trustee v Cooper application is a well-established route used by trustees who are seeking an opinion, advice or direction from the Grand Court of the Cayman Islands (the Court), in particular where a trustee seeks the blessing of the Court for a ‘momentous decision’ it has made in the trust’s life.
Recent amendments to the Cayman Islands Securities Investment Business Law
On 18 June 2019 certain key changes to the regulatory framework and ongoing filings required for persons regulated under the Securities Investment Business Law (2019 Revision) (the SIB Law) were introduced.
Bermuda to introduce new classes of insurers
Bermuda’s commitment to providing innovative solutions in the ever-evolving insurance marketplace is well-established.The most recent example arrived in May with the release by the Bermuda Monetary Authority of a consultation paper on the “new insurers and insurance marketplace”, including the Insurance Amendment Act 2018.
Directors Unexpected Payroll Tax Liability
Payroll tax is levied against every employer, employee, self-employed person and deemed employee. While this may appear to be straightforward, care should be taken to distinguish whether or not payroll tax is applicable even when in the ordinary course a relationship may not appear to be within the scope of these categories as failure to do so may result in a maximum penalty of 30% of the outstanding tax liability. In this feature, the focus is on payroll tax and directors as it is quite common for directors’ payroll tax status to be incorrectly determined.
Jersey Property Security and Costs – Good News for Lenders
The case concerned a dégrèvement. This an insolvency procedure which involves creditors being called in turn to declare whether they wish to take ownership of the debtor’s property, on condition of being required to pay off all prior ranking secured claims, or alternatively to renounce their security. First to be called are the unsecured creditors, en bloc, followed by each secured party in reverse date order of the date of their respective charges. The party who takes ownership (known as the tenant après dégrèvement (the “Tenant”)) only has to pay off prior ranking secured claims; there is no obligation to account for any surplus value in the property to the debtor or anyone else.
Latest Developments in Bermuda’s Economic Substance Regime
The Economic Substance Amendment Act 2019 (Amendment Act) became operative on 28 June 2019. Bermuda Managing Partner Tim Faries and Partner Sally Penrose outline the latest developments in Bermuda’s Economic Substance regime.
Guernsey Bailiffs Past and Present
It has been confirmed that the Bailiff of Guernsey, Sir Richard Collas, will retire in May 2020 and that his current deputy, Richard McMahon will replace him.The position of Bailiff, like most Guernsey legal institutions, has its roots in twelfth century Normandy. The Bailiff is the judicial and civic head of the Island and is appointed by the sovereign. The office of Bailiff is mentioned in a 12th century verse by Robert Wallace, which states that, the role of Bailiff was so busy that “hardly is an hour free”.
Beneficial Ownership Update: Crown Dependencies
The Crown Dependencies (Jersey, Guernsey and the Isle of Man) have announced a joint policy commitment as to “ultimate beneficial ownership” (UBO) information.
Using Jersey Structures for UK Real Estate Acquisitions
Much has been written regarding the changes to UK capital gains tax (CGT) which came into force on 6 April 2019 and which imposed non-UK residents capital gains tax (NRCGT) on UK commercial real estate for the first time since the tax was introduced in the 1960s.
Employee off-duty conduct – Social Media and Serious Misconduct
From racist tweets to criticism via Facebook post, employees around the world have found themselves in hot water with their employers, even though the relevant conduct was not committed while on duty.