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A review of the long-term opportunities and challenges facing the UK’s
offshore financial centres has found that OFCs are beneficial to the
UK, but recommends improved planning and the diversification of tax
bases to make the Crown Dependencies and Overseas Territories more
resilient against future economic shocks. International financial centres have a new voice with the launch of
the IFC Forum, which was formally launched in London on 1 December. As with all financial centres, Cayman has encountered some financial
difficulties as a result of the global recession. Government expenses
had been growing faster than revenues – a situation that the newly
elected Premier McKeeva Bush has committed to address Suspicious financial activity, fraud, money laundering and other
reports of finance-related irregularities increased by nearly 30 per
cent last year, according to the Cayman Islands Financial Reporting
Authority. On 14 January 2010 the 3rd annual International Funds Conference will be held at the Ritz Carlton Hotel, Grand Cayman. The
theme of this year’s conference is Global Transparency – Meeting the
Challenge and features an impressive list of guest speakers. Appleby became the first law firm to merge two registered mutual funds under the merger provisions of the Cayman Islands Company Law, according to the Cayman Islands Monetary Authority. In August the Organisation for Economic Cooperation and Development moved the Cayman Islands to its white list of countries that have substantially implemented OECD standards for tax information exchange. In August, the Cayman Islands government made a request to the UK
Foreign and Commonwealth Office to borrow an additional CI$372m, in
loans already arranged with local banks, to see the government through
to the end of the current fiscal year on 30 June 2010. Some recent changes to the rules on residence and domicile in the UK
may have significant UK tax implications for UK expats and regular
visitors to the UK. This article considers the new rules by looking at
the case of (the fictional) John and Amy. The Cayman Islands Monetary Authority has become the 189th member of the International Organization of Securities Commissions.CIMA was formally admitted as an ordinary (i.e., full) member on 10 June 2009 during the meeting of the Presidents’ Committee at IOSCO’s 34th annual conference in Tel Aviv, Israel. The new Cabinet, presided over by the Governor Mr Stuart Jack CVO and made up of three official and five elected members and their portfolio, is as follows:Hon Donovan EbanksInternal & External AffairsHon Samuel BulginLegal AffairsHon Kenneth JeffersonFinance & EconomicsHon McKeeva Bush OBEFinancial Services, Tourism and DevelopmentHon Rolston AnglinEducation, Training and EmploymentHon Julianna O'Connor-ConnollyDistrict Administration, Works and Gender AffairsHon Mike AdamCommunity Affairs and HousingHon Mark ScotlandHealth, Environment, Youth,Sports and Culture Conyers Dill & Pearman has opened an office in São Paulo in Brazil in a move the firm claims is the first such incursion by an offshore entity into the emerging South American market. Conyers Dill & Pearman has experienced continued growth over the past ten months and now boasts a complement of eleven offices, over 550 staff and more than 150 lawyers worldwide. In December 2008 Conyers became the first offshore law firm to establish an office in Brazil, opening Conyers Dill e Pearman Servicos de Consultoria Ltda. in São Paulo paving the way for the provision of offshore legal services from Brazil. Alan Dickson will head up the São Paulo office and is joined by Partner Benjamin Dyer. Butterfield Fulcrum Group was established in September 2008, created out of a merger between Fulcrum Group, a leading independent administrator backed by 3i, and Butterfield Fund Services (previously a wholly-owned subsidiary of Bermuda-based Butterfield Bank). BFG has US$90bn in assets under administration and is one of the top, independently managed global fund administrators. Maitland, a leading international professional services firm, opened a law firm in Cayman on 1 September, 2008. Local managing partner and leading dispute resolution practitioner, Sara Collins, leads a growing team of highly experienced and well regarded legal professionals and recently announced the appointment of former Solomon Harris lawyer Magda Embury as a partner, heading up the finance and local business team. Bernadette Carey and Angelina Whiteman joined in 2008 as associates. The expansion of the firm will continue with the anticipated announcement of new hires in January 2009 from leading London and offshore firms, to head up the trusts and funds teams.
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