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STAR Trusts and Foundation Companies – Developing uses in the Digital Asset space
Introduction The Cayman Islands has a deserved reputation for boasting a variety of alternative and original structures. Whilst as a common law jurisdiction the concept of a trust is one that is recognised, upheld and commonly utilised, the Cayman Islands nonetheless has some alternative structures to rival the traditional trust
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Licensing Requirements for Virtual Assets in the Cayman Islands
On 25 May 2020, the Cayman Islands government passed the Virtual Asset (Service Providers) Law, 2020 (“VASP Law”), which provides a legislative framework for the conduct of virtual assets business in the Cayman Islands and for the registration and licensing of persons providing virtual asset services. The VASP Law is
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New Administrative Fines for Breach of Regulatory Laws
As previously reported, the Monetary Authority Law gives CIMA the power to impose administrative fines under the Monetary Authority (Administrative Fines) Regulations (2019 Revision) as amended for breaches committed by persons (entities and individuals), under the following laws (and associated regulations and rules): a. Anti-Money Laundering Regulations (2020 Revision) (as
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Foundation Companies can now be incorporated in the Cayman Islands
With effect from 19 October 2017, it is possible to incorporate Foundation Companies in the Cayman Islands. The Foundation Companies Law, 2017 (the “Law”) allows for the formation and/or registration of a new Cayman Islands corporate vehicle: the Foundation Company. A Foundation Company will be governed by the Companies Law,
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Cayman Islands Limited Liability Companies
The introduction of the Cayman Islands limited liability company (the "LLC") corporate structure in 2016 by the Limited Liability Companies Law, 2016 (the "LLC Law") has so far been proven attractive for general partner entities and other carried interest distribution vehicles. The LLC has the benefit of being (like a
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Introduction of Foundation Companies in the Cayman Islands
The Cayman Islands government published the Foundation Companies Bill, 2016 in December 2016 to allow for the formation of a new Cayman Islands corporate vehicle: the foundation company. It is anticipated that the new Foundation Company structure will, among other things, (1) create a number of uses for private clients
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The Cayman Islands Beneficial Ownership Regime
LEGAL UPDATE The introduction of a regime to register the beneficial owners of Cayman Islands’ companies and LLCs takes effect on 1 July 2017 Introduction In line with the transparency and compliance efforts that made the Cayman Islands one of the early adopters of the Common Reporting Standard (CRS) and