'Band One'

Walkers has been ranked as a Band One 'Global-Wide' provider of offshore legal services in Chambers and Partners' 2017 Global Guide.

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Brexit

Following the recent result in the United Kingdom's EU referendum, Walkers has created a Brexit page dedicated to providing our clients relevant information about the jurisdictions in which we practice.

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Dubai Award

Walkers (Dubai) has been awarded Best Offshore Law Firm 2017 at the MENA Fund Manager Fund Awards.

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Best Offshore Law Firm

The Hedgeweek USA Awards 2016 named Walkers best offshore law firm and partner Melissa Lim was in attendance to collect the award.

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Walkers is a leading international law firm. We advise on the laws of Bermuda*, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
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Scholarships2017

Legal Internships, Scholarships and Articles of Clerkship

Walkers is pleased to announce that it has opened the application process for its 2017 legal scholarships, internships and Articles of Clerkship programmes.

 

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MiFID II - Irish Implementation Update

The Department of Finance (the “DOF”) has in the past week produced a feedback statement (the “Statement”) on the public consultation it previously ran on the Irish implementation of MiFID II.

As expected, the DOF’s Statement has flagged that Ireland will be largely adopting a copy-out approach to the implementation of MiFID II. The Statement also helpfully sets out the DOF’s decisions on the national discretions contained in MiFID II.

 

Click to view full advisory

BVI Beneficial Ownership Developments

Legislation has been passed which will require each BVI licensed registered agent to establish and maintain a dedicated database of the BVI companies (“Companies”) for which it acts. Partnerships and foreign companies registered in the BVI as foreign companies are not within scope. The BVI Government is establishing a secure non-public electronic platform which will allow access to each registered agent’s database only by a designated person, from a single designated secure location within the BVI. Information will only be shared upon the certified lawful request of specified BVI or UK law enforcement authorities.

 

Click to view advisory

Creating Value: The BVI's Global Contribution

June 2017 has seen the launch of a report by Capital Economics which was commissioned by BVI Finance Limited entitled “Creating Value: The BVI’s Global Contribution”, which seeks to address common misconceptions about the BVI and educate the public on the positive impact and contributions that the BVI has on the global economy.

The headline message is that the BVI’s international business and finance centre mediates over US$1.5 trillion of investment globally and that BVI mediated investment contributes over US$15 billion in tax annually to governments around the world.

 

Click to view advisory

Updates in respect of Automatic Exchange of Information (“AEOI”)

The Cayman Islands Department for International Tax Cooperation (“DITC”) has announced updates regarding the AEOI regime.

Extended 2017 deadline for notification for FATCA and CRS

The deadline for notification has been extended to 31 July 2017. All Cayman Financial Institutions must register on the AEOI Portal for FATCA and the CRS or vary their existing FATCA / UK CDOT registration to add the CRS, even if they have no reporting obligations. The deadline for FATCA and CRS reporting this year remains 31 July 2017.

AEOI Portal User Guide v3.2

The AEOI Portal User Guide v3.2 has been published, including:

  • new sections on IRS error notifications (arising from US FATCA returns submitted in 2017) for 2016 US FATCA returns; and
  • CRS Reporting.

CRS Reportable Jurisdictions

A revised list of CRS Reportable Jurisdictions has been published. Barbados, Curaçao, and Niue will now be Reportable Jurisdictions for reports due in 2018 onwards instead of 2017. http://www.tia.gov.ky/pdf/CRS_Legislation.pdf

Entity and Individual Self-Certifications

New Entity and Individual Self-Certifications are now available on the webpage.

New Thresholds for PR by Independent Means

A recent change to the Immigration Law [of the Cayman Islands] has resulted in a significant increase in the qualifying sums for persons seeking to make an application to the Cayman Islands Government for permanent residence by independent means.

The Immigration (Amendment) (No. 4) Regulations, 2017 (“Amendment No. 4”) were gazetted on 26 May 2017, and despite the provisions of Amendment No. 4 not featuring in the Immigration Regulations (2017 Revision) gazetted later, on 31 May 2017, they are now in force and will effect any new persons looking to consider permanent residence by independent means within the islands.

 

Click to view advisory

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