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Private Client & Offshore Services

09 May 2019
Ramonne Gardiner Register of Beneficial Ownership Act: a new day for beneficial owners

Bahamas - Lennox Paton

Since 2001 international organisations such as the Financial Action Task Force have pressured offshore financial centres to pass legislation in order to increase transparency within their financial services sectors. As such, the Register of Beneficial Ownership Act recently came into effect in The Bahamas. The act seeks to create a private search registry containing details of beneficial owners of domestic and international companies in The Bahamas.

Author: Ramonne Gardiner
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Oliver Quarmby New AIC code and implications for LSE-listed offshore companies

Guernsey - Ogier

The Association of Investment Companies Code of Corporate Governance (AIC code) is a framework of best practice for the governance of investment companies. The new AIC code applies to accounting periods which began on or after 1 January 2019. As such, Guernsey boards are urged to (among other things) review their existing corporate governance arrangements and determine which code is applicable to their companies.

Author: Oliver Quarmby
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Radhika Gaggar Significant beneficial ownership – India's pivot towards disclosure

India - Cyril Amarchand Mangaldas

Following the recommendations of the Financial Action Task Force, India has introduced a statutory requirement for the identification and disclosure of significant beneficial owners, whether Indian or foreign, of every company incorporated in India. This is a landmark development which will lead to a significant push towards transparency.

Authors: Radhika Gaggar, Shaishavi Kadakia
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Oliver Passmore Don't delay – Jersey's Royal Court rules that time is a factor when deciding whether to exercise its discretion on grounds of mistake

Jersey - Ogier

A recent Royal Court judgment has indicated that delays in bringing an application to set aside a transfer of property to a Jersey trust due to mistake will be considered by the court when exercising its discretion as to whether to grant relief. In particular, this decision clarifies that delay is a factor that the court will consider when determining whether the mistake is of so serious a character as to render it just to make a declaration setting aside a disposition into trust.

Authors: Oliver Passmore, Damian Evans
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Recent updates

William George Relief all round – Court of Appeal upholds relief from sanction

British Virgin Islands - Harneys

Authors: William George, Andrew Thorp, Phillip Kite
Ashley Fife Bermuda's beneficial ownership registers and privacy: status update and further observations

Bermuda - Carey Olsen Bermuda

Author: Ashley Fife
Pedro Cortés New rules for companies incorporated under offshore regime

Macau - Rato, Ling, Lei & Cortés Advogados

Authors: Pedro Cortés, Madalena Perestrello
Julie Melia At a glance guide to Jersey wills for non-domiciled individuals

Jersey - Ogier

Authors: Julie Melia, Victoria Grogan, Simon Lofthouse, Fiona Lilleyman
Tim Clipstone Fund managers' perspective on Guernsey substance rules

Guernsey - Ogier

Authors: Tim Clipstone, Marcus Leese
Ashleigh Carr Proprietary estoppel claims – lessons from recent case law

United Kingdom - Forsters LLP

Author: Ashleigh Carr
Nick Rogers Cayman Islands economic substance requirements

Cayman Islands - Ogier

Authors: Nick Rogers, David McIntyre
Jennie Cherry Family banks: personal commitment, accountability and multi-generational mentoring

USA - Kozusko Harris Duncan

Authors: Jennie Cherry, Miles Padgett