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Yachting VAT Note (Moore Stephens Isle of Man )
  • Two steps forward, two steps back. Italy has been shaking it all about so far this year. And after all that effort, by June 21st the Italian tax police were virtually back where they started the year.
    • Key Factors in the Choice of the Appropriate Jurisdiction for Registering a SuperYacht (Fenech & Fenech Advocates)
  • The uncertain economic times recently faced by the industry together with the increasingly safety- and security-sensitive environment have had one undeniable effect on owners choosing a jurisdiction for registering their superyacht and this is the instilment of a greater awareness and sensitivity to the advantages that may be offered by a particular flag.
    • Your diligence dues (GuernseyFinance)
  • The great Benjamin Franklin opined in 1789 that ‘in this world nothing can be said to be certain, except death and taxes’.
    • The Use Of Sealing And Gagging Relief In Complex Insolvency Proceedings Involving The Investigation Of Fraud And Discovery Of Hidden Assets (Martin Kenney & Co. Solicitors)
  • Fraud and insolvency can be vexing. However, there are a number of tools available to an insolvency professional who is faced with an insolvent estate that has been made the victim of grand malfeasance or fraud.
    • Securities and Investment Business Act, 2010 (British Virgin Islands International Finance Centre)
  • After much anticipation, the BVI has enacted the Securities and Investment Business Act, 2010.
    • It’s Not Just 20%! (GuernseyFinance)
  • Current and feared future changes to UK tax have seen an increasing number of High Net Wealth (HNW) individuals look to relocate to the Crown Dependencies of Guernsey, Isle of Man and Jersey (‘the Islands’), as well as other more tax-favourable territories around the world.
    • Apportionment Of Liability Where Ships Collide (Moray & Agnew)
  • The Queensland Supreme Court has held the ancient maritime rule apportioning liability 50/50 regardless of respective fault, when two ships collide, no longer prevails. Instead, liability is apportioned according to each helmsman’s respective fault.
    • Should set-off rights be registered in the British Virgin Islands? (Harneys)
  • Traditionally, the view has been that the right to set off one debt against another does not constitute a security interest but it may be that this position is no longer as clear cut in light of the recent Canadian Supreme Court ruling in Caisse populaire Desjardins de l’Est de Drummond v. Canada, 2009 SCC 29 ("Caisse populaire")
    • The Strongest Link (GuernseyFinance)
  • In March of this year, Friary Court Insurance PCC (Friary Court), the ex-Heath Lambert-owned cell captive facility which was acquired by Heritage Group as part of the acquisition of Heath Lambert’s captive management operations, was amalgamated with Heritage’s Harlequin Insurance PCC (Harlequin).
    • High Net Worth Residents in Gibraltar: How do you become one and are they good for us? (The Sovereign Group)
  • Last month I looked at some of the reasons why property prices in offshore jurisdictions such as Gibraltar are holding steady, while those across the border in Spain are heading south.