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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Initial Coin Offerings in the Cayman Islands

December 2017 - Finance. Legal Developments by Stuarts Walker Hersant Humphries.

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Initial Coin/Token Offerings (“ICOs”) are becoming an increasingly popular means of fundraising for new projects and utilise blockchain technology to do so.

AB Jnr & Another v MB & Others (Unreported, 18 December 2012)

April 2013 - Finance. Legal Developments by Ogier .

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AB Jnr & Another v MB & Others was a significant decision of the Financial Services Division of the Grand Court of the Cayman Islands, relating to a Trust Deed, dated 21 November 1985.  The weighty judgment of Hon. Anthony Smellie, CJ, at some 204 pages, follows an In Camera hearing taking place over the course of a 9 week period, between April and June 2012.

Probate and Estate Administration: the Practicalities of Dealing with Cayman Assets After Death...

January 2013 - Finance. Legal Developments by Ogier .

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(Non-Cayman Domiciliaries)  

Introduction

When a non-Cayman domiciliary dies owning Cayman Islands assets, the heirs want to access those assets as quickly and efficiently as possible. This Briefing Note deals with the practical steps involved. Reference should be made to the separate Briefing Note, entitled "Succession and Estate Administration in the Cayman Islands (non-domiciled individuals)" for an understanding of the conflict of laws issues that may arise on death. Those issues need to be resolved before the practical steps can be taken to deal with an estate.

It should be borne in mind that any assets held by a Cayman Islands incorporated company are classed, for this purpose, as Cayman Islands situated property (with some possible additional complications where a Cayman Islands company owns immovable property elsewhere in the world). It should also be borne in mind that if assets were transferred, prior to death, into a Cayman Islands Trust, it is unlikely that the following processes will be needed.

Succession & Estate Administration in the Cayman Islands (Non-Domiciled Individuals)

January 2013 - Finance. Legal Developments by Ogier .

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INTRODUCTION

The status of the Cayman Islands as an International Financial Centre inevitably means that it attracts significant inflows of capital from individuals who are based overseas, and who are legally domiciled elsewhere.

When those individuals die, it is important to understand the conflict of laws issues that can arise. These will need to be addressed before the heirs can access the Cayman Islands assets. This process is underpinned by a combination of Cayman Islands and international law principles and varies depending on whether the deceased died with or without a valid Will. The process also depends on whether that Will has been admitted to probate in another probate jurisdiction, and whether the Will names executors to deal with the process of the administration.

In all cases, we can assist with quickly and efficiently allowing the heirs to gain access to the assets of the deceased, dealing with all of the legal formalities on behalf of the family.

Aircraft Registration

January 2013 - Finance. Legal Developments by Ogier .

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Introduction

The United States remains the most popular place in the world to register corporate jets. However, there are a number of reasons that the US is not appropriate for everyone. The Cayman Islands, since 1976, has been attracting a number of Aircraft Registrations and presents a viable alternative to the US, and other registration jurisdictions.

The Cayman Islands acts under the purview of the British Civil Aviation Authority. The process of registration generally takes 2 to 3 weeks to complete.

The Cayman Islands register (the Aircraft Register) is highly respected and recognised throughout the international aviation industry. The majority of the aircraft on the Aircraft Register are private exclusive jets (such as the Boeing Business Jet, Airbus A320, Gulfstream GIV and GVs, Falcon 900B, Falcon 2000, Hawker 900XP and Bombardier Global Express). There is also increasing interest in the Cayman Register to register commercial aircraft.

The Cayman Register can be used to register an aircraft in the "private" category, and this has been expanded to include all turbo-jet aircraft, all other aircraft above 5,700kg and helicopters that are based on yachts.

Private Trust Companies

January 2013 - Finance. Legal Developments by Ogier .

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Introduction

Private trust companies (PTCs) are established with the sole purpose of acting as a corporate trustee to a trust or a number of trusts, provided those trusts are "connected".

PTCs are commonly used by high net worth (HNW) families in their wealth structuring, for a number of reasons. They protect confidentiality, they provide a comprehensive framework under which family members can be involved in decision making (by being on the board of the PTC) and they can avoid the complications of succession when used in conjunction with a STAR Trust (explained below).

The speed at which a PTC can be established, and the relatively low cost of operation have made PTCs extremely attractive to HNW families and their advisors.

Revisions to Cayman Islands Mutual Funds Law Requiring Registration of Master Funds

January 2013 - Finance. Legal Developments by Ogier .

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The Cayman Islands legislature recently approved the Mutual Funds (Amendments) Bill 2012 which seeks to amend certain definitions within the Mutual Funds Law in order to clarify the regime relating to registration of master funds.

Deciding Between Wills and Trusts for Non-Cayman Domiciliaries

January 2013 - Finance. Legal Developments by Ogier .

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Introduction

If an individual owns Cayman Islands situated property, it is important to address the question of what will happen on the death of that person. In some cases, a foreign Will is sufficient to deal with the Cayman assets, in other cases, a Cayman Islands lifetime trust may be more appropriate. In some, rare, cases a Cayman Islands Will may be the solution.

This Briefing Note sets out some of the issues involved in determining what is appropriate in any given situation.  It also sets out some of the benefits of using a Cayman Islands Trust, which are not available when using a Will.

STAR Trusts

December 2012 - Finance. Legal Developments by Ogier .

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BACKGROUND

The Special Trusts (Alterative Regime) Law 1997 (the initial letters of which give us the name, "STAR Trust"), now incorporated into Part VIII of the Trusts Law (Revised), introduced STAR Trusts into the law of the Cayman Islands. STAR Trusts are unique to the Cayman Islands.

A STAR Trust is a form of statutory trust which can be established for persons, purposes (charitable and non-charitable) or both. The STAR Laws only apply where the trust instrument expressly states that they are to apply.

STAR Trusts were introduced into Cayman Islands law to overcome some of the difficulties arising with the use of more conventional offshore trusts.

Ogier Fiduciary Services (Cayman) Limited

November 2012 - Finance. Legal Developments by Ogier .

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Ogier Fiduciary Services (Cayman) Limited (OFSCL) is a Cayman trust and administration services company that forms part of Ogier’s global network of professional advisors. The OFSCL team comprises highly qualified professional bankers, trust and corporate lawyers, chartered and certified accountants and chartered secretaries.