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Articles contributed by Harney Westwood & Riegels
Eastern Caribbean Court of Appral considers enforcement issues in Alfa v Cukurova
On 20 July 2011 the Eastern Caribbean Court of Appeal (“ECCA”) handed down the latest decision in the long running case of Alfa Telecom Turkey Limited v Cukurova Finance International Limited and Cukurova Holdings AS.
Changes to the EU Savings Tax Regime in the British Virgin Islands
The British Virgin Islands’ Mutual Legal Assistance (Tax Matters) Act, 2003 as amended in 2005 (the “Act”) has given effect in the BVI to EC Directive 2003/48 on the taxation of savings income in the form of interest payments (the “Directive”) for the last six tax years.
Top marks for Harneys in Chambers 2011 global directory
International law firm Harneys has once again earned stellar recognition from Chambers and Partners as one of the leading firms in the British Virgin Islands, with its practices in the Cayman Islands and Cyprus and recent expansion into Latin America also receiving positive reviews.
Hedge fund euthanasia?
Are the Courts sealing the fate of struggling hedge funds too early or should they be given further time to recover and realize their potential for investors?
BVI welcomes EU’s AIFM Directive
The British Virgin Islands has welcomed the final terms of the European Union’s Alternative Investment Fund Managers Directive (the Directive), and expressed confidence that BVI Managers and Funds will have access to the EU market under the private placement regime and, in due course, the passport regime.
DRAFT BVI PUBLIC FUNDS CODE, 2010: SUMMARY OF PROVISIONS
The BVI Financial Services Commission (“FSC”) recently concluded public consultation on the draft Public Funds Code, 2010 (the “Code”). As the name suggests it will, when brought into force, apply to all public funds registered under the Securities and Investment Business Act, 2010 (“SIBA”). As with SIBA itself, the Code is intended to adapt the BVI’s regulatory and supervisory environment to be attuned to the new standards called for by the likes of the G20, IMF and IOSCO.
Russia’s Thin Capitalisation Rules in light of the Russia-Cyprus Double Tax Treaty
Russian thin capitalisation rules do not permit a tax deduction for excessive interest payments between related parties. The rules set a maximum debt to equity ratio of 3:1 meaning that if the amount of the controlled debt is three times greater than the borrowing entity’s own capital as of the last day of the relevant reporting/ tax period, then Russia’s thin capitalisation rules are applicable.
BVI Securities and Investment Business Bill 2010 receives its first reading
The long-awaited Securities and Investment Business Bill, 2010 (commonly referred to as “SIBA”) received its first reading by the BVI House of Assembly on 18 March 2010. This follows public consultation in Summer 2009.
Cayman Investment Company Obtains Chapter 15 Protection in the United States
The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.
BVI to update Intellectual Property laws
As the British Virgin Islands continues to play a vital role in facilitating global trade and investment, it turns its attention to helping its more than 60,000 new companies per year build a business environment where innovation can be a key economic driver. Towards this end, the BVI Financial Services Commission (the “FSC”), which is the public body with responsibility for, among other things, administering the intellectual property laws of the BVI, announced on 5 January 2010 the establishment of a Focus Group to review and revise the existing IP laws
BRITISH VIRGIN ISLANDS CORPORATE ARRANGEMENT SCHEMES
With a global economic downturn in full swing, companies around the world are looking for ways to safeguard their future existence. The strategies employed to do so are numerous and varied but a number of companies have employed the use of corporate arrangement schemes entered into with their creditors, investors and other stakeholders as a way to refocus and preserve their business.
Cross-border transactions and the advantages of using a BVI joint venture vehicle
As cross-border transactions and international business partnerships become part of everyday life, parties are increasingly looking towards offshore jurisdictions for a neutral vehicle which can be tailored to all of the parties’ needs. This article will take a look at why companies incorporated in the British Virgin Islands (BVI) are suited for such transactions and, given the current economic climate, will also highlight some of the remedies available to a shareholder when a joint venture relationship takes a turn for the worse.
The lender’s Holy Grail
Indira Birkwood of Harneys outlines the advantages of using a BVI company for financing transactions
THE USES OF VISTA TRUSTS
The Virgin Islands Special Trusts Act, 2003 ("VISTA") is now a little under 5 years old, having come into force in March 2004, and it is perhaps an interesting point to consider how the Act has been used and applied by the trust industry in the British Virgin Islands ("BVI").