FATCA, or the Foreign Account Tax Compliance Act, began as a US tax-reporting initiative for US residents living overseas, the government of both the Cayman Islands and the BVI having committed to Model 1 Intergovernmental Agreements (IGA) with the United States. US FATCA has given rise to further FATCA type initiatives, including those involving UK…
Background BVI companies are listed on most of the major public exchanges in the world, including NYSE, AIM, LSE, TSX, NASDAQ, HKSE and are attractive as listing vehicles in a variety of geographical markets and business sectors (including mining, pharmaceuticals, real estate and the energy sector). These companies are often incorporated as special purpose acquisition…
BVI Corporate funds have been in the spotlight in recent times due to some high-profile failures (e.g. the Madoff feeder funds). While the Madoff-related funds collapsed due to an underlying fraud, i.e. the Ponzi scheme, funds may also get into difficulty for more mundane reasons such as mismanagement and the wider economic environment. Investors in…
Background All companies incorporated under the International Business Companies Act (1984) (the “IBC Act”) that did not during the transitional period voluntarily elect to be re-registered with a memorandum and articles of association compliant with the BVI Busines Companies Act (2004) (the “BC Act”), were automatically re-registered under the BC Act on 1 January 2007.…
BVIHC(COM) 235 of 2013: Belport Development Limited (BDL) and Chimichanga Corporation – “Encouraging signs regarding enforcing arbitration awards in the BVI”. In any dispute that triggers an arbitration clause, one of the most important questions the Claimant should always ask is “If I am successful at arbitration, will the award be recognised and enforceable in…
Two amendments to the rules of civil procedure in the BVI have recently become effective. The Eastern Caribbean Supreme Court Civil Procedure (Amendment) Rules 2013 came into effect on 1 February 2013. The rules make two changes to the existing Civil Procedure Rules (CPR): Rule 7.3(5) of the CPR is amended to provide that a…