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News and Articles

July 2014

The World of Virtual Currencies by Ian Bancroft, Managing Director

30.07.14

Virtual or digital currencies are electronic currencies that are stored, exchanged and used entirely through computer media. They are not legal tender, but provided a sufficiently large user communicate are prepared to place trust in them, they can be used for the settlement of transactions and for savings purposes. Although such digital currencies have been in existence for quite some time, there has been a significant surge in interest over the past year in crypto currencies, which are a subset of the virtual currency universe, and in particular in 'Bitcoin', which was the first crypto-currency, launched in 2009.

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Update on information exchange by Ian Bancroft, Managing Director

28.07.14

After some delays and with no small measure of confusion and complication for the entire financial services community, FATCA (the Foreign Accounts Tax Compliance Act) has finally arrived. Although FATCA was originally a US initiative, the UK introduced a comparable regime for the British territories, which follows a very similar path to the US regime, even to the extent of referring in the UK regulations to 'checking accounts', a spelling previously unfamiliar to banking on this side of the Atlantic! Consequently, in relation to our US and UK clients, the FATCA regime commenced on 1 July.

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March 2014

Holding a website offshore to reduce UK tax by Lee Hadnum (Guest Author and Tax Specialist)

05.03.14

If you're looking to set up a website and want to reduce UK tax on the profits generated by that site, one option to avoid tax on the profits is by operating the site from overseas.

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February 2014

Latest Changes to Dual Contracts for Non-Doms by Lee Hadnum (Guest Author and Tax Specialist)

27.02.14

The UK Government announced in December 2013 that it would be clamping down on the artificial use of 'dual contracts' for longer-term UK residents. It has now published drafted legislation which makes offshore employment income in a dual contract arrangement taxable in the UK when certain conditions are met.

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May 2013

Cayman National Representative at EBACE, Geneva

10.05.13

THE EUROPEAN BUSINESS AVIATION CONVENTION & EXHIBITION (EBACE2013)
EVENT to be held between 21st and 23rd May, Geneva, Switzerland

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January 2012

Cayman National attends London Boat Show

11.01.12

A team from Cayman National will be attending the 2012 Tullet Prebon London Boat Show.

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March 2011

Why Litigate When You Can Mediate? Guest article by Laurence Vaughan Williams

01.03.11

Litigation costs money. If you or your company or bank are involved in litigation you know that already.
There is an answer.

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UK Anti-avoidance Rules Under Threat Guest Article by Paul Hotchkiss

01.03.11

The European Commission has recently issued a press release stating:

"The European Commission has formally requested the United Kingdom to amend two discriminatory anti-abuse tax regimes which concern the transfer of assets abroad and attribution of gains to members of non-UK resident companies. The requests take the form of Reasoned Opinions (the second step of an infringement procedure). In the absence of a satisfactory response within two months, the Commission may refer the UK to the European Court of Justice.

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European Union Directive on the Taxation of Savings Income - New Reporting Procedures for Paying Agents Guest article by Paul Hotchkiss

01.03.11

Paying agents have been advised of new reporting obligations which will apply from 1 July 2011 in relation to the application of the Isle of Man’s equivalent to the European Union Directive 2003/48/EEC on the taxation of savings income in the form of interest payments (commonly referred to as the EUSD).

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New Guidelines for registering offshore companies in Dubai Guest article by Poonam Nagi

01.03.11

As of 1st January 2011, the Dubai Land Department issued new guidelines to register property for offshore companies.

In a step forward, the Dubai Land Department will permit and accept registration of title to freehold property provided the corporate entities purchasing property are “offshore” entities registered in the “Jebel Ali Free Zone (JAFZ)”. These Guidelines are not retrospective and only apply to new registrations at the Dubai Land Department on or after 1 January 2011.

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Inheritance Tax ("IHT") Planning Solution by Neil Walker, OneE Tax

01.03.11

Over the past few years, Cayman National has worked with and provided fiduciary and banking services to the clients of a leading UK tax consultancy firm called OneE Tax Ltd.

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November 2010

EU Savings Directive 2…..on the horizon, but getting any closer?

26.11.10

Council directive 2003/48/EC (EUSD 1) was adopted by the then 25 EU Member States from 1 July 2005. At the same time 15 other ‘third’ countries, including the Isle of Man and the Cayman Islands, also introduced similar measures. EUSD 1 was considered to be effective ‘within the limits set by its scope’.

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