The Cayman Islands has two residency by business investment programmes: the Certificate of Direct Investment and the Residency Certificate (Substantial Business Presence). This Q&A provides insight into each programme, including whether applicants can eventually apply for a Cayman passport, how many applicants typically apply for residency and the associated costs.
Shipping finance transactions are characterised by peculiar risk factors principally on account of shipping assets' transient operations. The applicable rules and mercantile uses – reflective of this reality themselves – must therefore be adequately factored into financiers' lending procedures and loan recovery strategies, whether they be banks or private investors. This article offers helpful guidance to such lenders.
Although Austrian social security provides for a legal entitlement to benefits in kind (ie, free administration of medicines listed in the Reimbursement Code, except for a small prescription fee), the Organisation of Austrian Social Security is reluctant to reimburse the cost of medicines not listed in the Reimbursement Code. A recent Supreme Court decision shows that this restrictive approach is supported by the Austrian courts.
In Spring 2018 the Federal Customs Administration ordered two Swiss forwarders to apply the simplified customs declaration procedure for certain imports. The freight forwarders challenged the orders questioning, among other things, whether Article 105b of the Customs Ordinance is compatible with the constitutional framework. The Federal Administrative Court has now confirmed the forwarders' view that the Federal Customs Act does not provide a sufficient legal basis for consumer protection orders.
The Shipping Deputy Ministry recently issued Circular 20/2020, notifying interested parties of the entry into force of the 2018 amendments to the Code of the Maritime Labour Convention 2006. The amendments will enter into force on 26 December 2020. In essence, the amendments aim to provide additional protection to seafarers in the event that they are held captive as a result of acts of piracy or armed robbery against ships.
In 2019 the Administrative Court prohibited several companies from selling products containing CBD. The decisions were essentially based on the finding that the use of 'CBD' in the products' names amounted to a statement which presented them as having properties which treated medical conditions. Following these decisions, the Swedish Medical Products Agency seems to have widened the definition of 'medicinal products' when it prohibited two companies from selling oils which contain CBD.
The Supreme Court recently issued a significant decision on the apportionment of a salvage reward among a shipowner and cargo interests. The decision has confirmed the principle already expressed in previous Supreme Court judgments that the shipowner is liable towards the salvor for an entire salvage reward, subject to recourse action by said shipowner against the cargo interests. However, the Supreme Court's conclusions are debatable, as is its interpretation of Article 497 of the Code of Navigation.
Given that humankind originated in Africa, Africans (and South Africans in particular) have significant genetic diversity. As such, there is a potential wealth of genetic information available to be mined. Unfortunately, without effective regulation, the collection and use of African genetic information could result in the unfair exploitation of the donors of this information. Due to the asymmetrical power relationships between donors and users of genetic information, this is a sensitive issue.
In response to the COVID-19 pandemic, the government introduced an HK$80 billion Employment Support Scheme to provide a wage subsidy to eligible employers for six months in exchange for them refraining from making any redundancies during the subsidy period and using the subsidy to pay employees' wages. The government recently announced the introduction of a third round of the anti-epidemic fund. The HK$24 billion package will assist specific industries and people who are most affected by the pandemic.
In principle, companies should have decided whether to vote electronically in the social elections as early as February 2020. However, companies that did not do so but, as a result of the COVID-19 pandemic, would like to do so now have been given the opportunity to introduce electronic voting. However, they must reach an agreement on this issue by Day X+56 (ie, between 13 October 2020 and 26 October 2020, depending on the new election date).
The Global Talent visa route is designed for individuals who are recognised or emerging leaders in digital technology and wish to work in the United Kingdom. Successful applicants will be granted up to five years' leave in the United Kingdom and can apply to extend their visa as many times as they like. This article outlines the criteria for endorsement used to assess whether an applicant qualifies as either a recognised or an emerging leader.
New regulations underpinning the three-tier lockdown system are now in force in England as part of the government's efforts to step up its response to the pandemic. This article considers whether the new regulations will demand a stricter approach to office work, as well as what may constitute a gathering, the rules for travelling to work in a different tier and how to approach client and internal work meetings.
According to a recent Privy Council decision, the Duomatic principle can apply to ostensible authority as well as actual authority. The council found that a company's director and registered agent were not in breach of their tortious duties of care to the company where they were acting on the instructions of an agent who had ostensible authority. This case provides insight into circumstances where arrangements cloaking the beneficial owners of, in particular, offshore companies are relatively common.
Seven years after its accession to the European Union, Croatia has entered the last stage of preparation to adopt the euro. The European Central Bank recently announced a list of eight Croatian banks which will be under its direct supervision following the country's admission to the exchange rate mechanism (ERM II) and the banking union. Since Croatia entered both the banking union and ERM II simultaneously, adopting the euro may be possible in 2023.
There are two routes for the enforcement of foreign judgments in Guernsey. The statutory method is available only for judgments from certain jurisdictions which can be registered in Guernsey following a specified statutory process. For all other countries, a judgment creditor must rely on common law principles to have a judgment recognised and thereafter enforced in Guernsey.
A recent case dealt with the question of whether an insured is entitled to insurance benefits for the loss of their car by theft when it lacked the security measures required by the insurer. The Insurance Contract Law enables the award of partial benefits (Article 18), but in this case the insurer presented no evidence to support the application of this remedy. Thus, the court ordered the insurer to pay the full claim.
Creditors taking legal action before the Italian courts to secure payment against their debtors have long regarded this as a nightmare option due to the length and complexity of Italian civil proceedings. However, recently introduced legislation may render this nightmare a dream, as claimants bringing actions for payment are now entitled to a premium interest rate equal to that available in respect of late payments in commercial transactions under the relevant EU legislation.
The Supreme Court recently confirmed several important starting points relevant to the periodisation of an insurance event for the assessment of cover. The ruling addressed issues relating to both defining insurance periods and determining when insurance events occur. The Supreme Court also addressed the question of what is required to revise an insurance agreement pursuant to Section 36 of the Contract Act on unreasonable contract terms.
The potential for disputes in construction projects has risen sharply with the performance and enforcement of contracts directly affected by COVID-19. An open and frank dialogue early on between the parties steered as a form of informal mediation or collaboration can quickly put an end to frustrations and disputes and lead the way for a successful, more cost-effective solution to any dispute that may arise.
At a recent Unified Patent Court (UPC) Preparatory Committee meeting on the effects of the United Kingdom's withdrawal of its ratification of the court's founding agreement, Italy announced its intention to nominate Milan as the new branch of the UPC headquarters instead of London. Although Milan is not a mandatory choice, this nomination should be taken seriously for many reasons.