Cayman Private Funds Law » Citco

How The Cayman Islands Updated Its Confidentiality Law

Manager, Finance & Accounting

From a social standpoint, life in Cayman is suitable for both singles and families. The various sporting leagues are very active and are generally the best way of meeting people. There are a large number of restaurants and bars, most with indoor and outdoor seating. For singles, most nights of the week there are party themed nights, with full moon parties high on most people’s social calendar. The rankings recognise more of Walkers’ Jersey team than ever before, with the growing team seeing five lawyers ranked for each of its Banking & Finance, Corporate & Commercial and Investment Funds practice groups, along with four for Dispute Resolution and three for Private Client, Trusts and Tax. “Carey Olsen” in the Cayman Islands is the business name of Carey Olsen Cayman Limited, a body corporate recognised under the Legal Practitioners Regulations .
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Individuals who are not engaged in public practice requiring a license may voluntarily join CIIPA as Regular, Student or Associate Member and become subject to CIIPA’s regulations. Therefore, it is imperative to look at all the options and JTC can offer a broad spectrum of services across various jurisdictions to ensure a bespoke and carefully considered service for our clients. Like the Shield CE, Chita SPC will be offered to closed-ended structures which will not be required to be regulated or audited. Chita SPC is recognised as a private investment fund under BVI Securities Investments Act , and recognition of the fund does not entail the supervision by the BVI Commission or by any other regulatory body outside of the British Virgin Islands.

1 Key Acts, Regulations, Directives, Bills

A number of years after the creation of the SPC, in 2015, section 5 of the Insurance Law 2013 was implemented, providing for subsidiary companies held by a portfolio in regulated structures established to carry on insurance business without the need for a separate licence. This development provided flexibility in managing the risk element in insurance. Like any Cayman company, SPCs can enter into a scheme of arrangement on behalf of the entire company. A scheme is a court supervised compromise made between a company and its creditors and/or members whereby an arrangement can be made binding on such persons provided that certain safeguards are met.

TL;DR – If someone is making enormous amounts of wealth in Cayman, every last local person here should be as well. It’s like they are admitting they immigration law and regulations aren’t effectively being applied…work permit fees trump Caymanian employment thanks significantly to Alden the Destroyer. The VASP regulatory framework includes provisions for a regulatory sandbox by which new technologies can be observed before being used more widely in the country. The travel rule is currently not in force during phase one of commencement, as Regulations 49C and 49F are not yet commenced. VASPs will only be required to comply with the travel rule when these regulations come into effect.

Certificate Of Direct Investment

The parties’ conduct in the litigation, including any payments into court or offers of settlement may be taken into account. The most that can be said is that even under a best case scenario any financial services or commercial claim of reasonable complexity and value that is commenced by writ is unlikely to get from issue of proceedings to trial quicker than nine months. In extreme cases, proceedings can last for many years, but this is not common. In practice, it is usually the parties rather than the court that appoint experts.

The AML/CFT focus in phase one provides VASPs with the opportunity to demonstrate their compliance with global standards for AML/CFT/CPF. Forbes Hare was the first offshore firm to offer contentious expertise from London. Search for names, phone numbers and addresses of local businesses, people, friends and local government.

The Registrar must provide at least one month’s notice before taking such actions. There are no specific restrictions addressing online privacy beyond those general applicable to the processing of personal data under the DPL. The notification must describe the nature of the breach, the consequence of the breach, the measures proposed to be taken by the data controller to address the breach and the measures recommended by the data controller to the relevant data subject to mitigate the possible adverse effects of the breach. Accordingly, data controllers should contractually require their data processors to notify the data controller of a breach in a timely manner. The data controller must notify a breach to the relevant data subject and the Ombudsman without undue delay, and in any case no longer than five days after the data controller should, with the exercise of reasonable diligence, have been aware of the breach. A ‘data subject’ is an identified living individual or a living individual who can be identified directly or indirectly by means reasonably likely to be used by the data controller or by any other person.
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The priority and effectiveness of a right or interest created by any document that is capable of registration within the meaning of and to the extent provided by the Cape Town Convention will, if Cayman Islands law applies, be determined in accordance with the Cape Town Convention. Secured creditors have recently been assisted with the deregistration and export from the Cayman Islands of three aircraft, pursuant to IDERAs granted in respect of them. This appears to be the only example of IDERA deregistration/export post-implementation of the Cape Town Convention in the Cayman Islands. Importantly, a voluntary liquidator does not require the Cayman Court’s authorisation to exercise his or her powers.

In addition, we can assist you in obtaining Certificates of Good Standing and other certificates of corporate existence as well as relevant post-incorporation services. A private fund must have its accounts audited by an approved auditor, and signed off on and filed with CIMA by a local auditor within six months of the fund’s financial year-end. Financial accounts may be prepared and filed in combination or consolidated with an alternative investment vehicle in accordance with US GAAP, IFRS or other GAAP of a non-high-risk jurisdiction. Throughout the world, the Cayman Islands nowadays have the reputation of thriving offshore financial center. Offshore registration in the Cayman Islands is real opportunity to conduct and develop legitimate and profitable international business.

Andrew Henderson is the world’s most sought-after consultant on international tax planning, investment immigration, and global citizenship. He has personally lived this lifestyle for over a decade, and now works with seven- and eight-figure entrepreneurs and investors who want to “go where they’re treated best”. If you want to start a profitable business in the Cayman Islands, then you can obtain residency through a Certificate of Direct Investment.The process for applying for a Certificate of Direct Investment if quite simple. Once you have your investment, you can apply for your certificate, pay a $1,220 application fee, and – if you’re approved – you’ll pay a $25,000 activation fee for your residence permit. A Certificate of Direct investment is issued to a person who is willing to make a $1,200,000 investment into a business that creates local jobs and will take an active role in managing that business.

A data controller who contravenes the breach notification requirements prescribed by Section 16 of the DPL, commits an offence and is liable on conviction to a fine of KYD 100,000 (approx. €98,830). Section 13 of the DPL grants data subjects the right to seek compensation from a data controller. Where a complaint is submitted to the Ombudsman on behalf of a data subject, written authorisation from the data subject is required, to submit the complaint (Section 43 of the DPL).

Of the 248 SPACs which listed in the US in 2020, 94 were incorporated in either the British Virgin Islands or, predominantly, the Cayman Islands. This highlights the significance of these international finance centers to the re-emergence of SPACs as a dominant force in the US capital markets. All operators of Limited Investor and Private Funds must make arrangements to register their funds with CIMA prior to the deadline and we suggest reaching out to us sooner rather than later as CIMA has not given any indication that they will be extending the registration deadline as of today’s date. Contrary to popular misconception, it is possible for foreign nationals looking to invest in Cayman Islands real estate to apply for a mortgage. As each land lot in the Cayman Islands has a designated block and parcel number, title ownership is simply and securely recorded in a computerized Land Registry system.

This contention relied on a series of English decisions, which were to the effect that a company could not commence proceedings itself then subsequently use the equivalent of section 97 to stymie the defendants. Unusually, BDO did not seek leave of the Grand Court to commence the proceedings, as required by section 97 of the Companies Act (“section 97”), before taking out the Originating Summons. Instead, BDO sought section 97 leave law firm as the first item of relief in its Originating Summons. In response to a Summons taken out by Ardent, the Grand Court considered whether BDO required leave under section 97, and whether it would grant such leave, as preliminary issues in BDO’s application for an anti-suit injunction. Ardent Harmony Fund Inc. (“Ardent”) is a Cayman Islands fund which invested in receivables financing by way of contractually engaged Credit Advisors.

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