Carey Olsen

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7 Contributions by Carey Olsen

BVI and Cayman Islands trusts: comparative practitioners' guide to legislation, VISTA/STAR, perpetuities, reserved powers, purpose trusts, PTCs, asset protection, registration, transparency, taxation and fees
PRACTICE NOTES
BVI and Cayman Islands trusts: comparative practitioners' guide to legislation, VISTA/STAR, perpetuities, reserved powers, purpose trusts, PTCs, asset protection, registration, transparency, taxation and fees
British Virgin Islands English law/equity Observed by the courts except where BVI statutes or case law provide otherwise. Constitutional status British Overseas Territory—self-governing within the Commonwealth. Principal trusts legislation Trustee Act 1961 (as amended) (Trustee Act) Virgin Islands Special Trusts Act 2003 (VISTA) Trustees’ Relief Act Recognition of Trusts Act (Overseas Territories) Order 1987 Courts Independent courts and judiciary, with the Privy Council as the ultimate appellate court; part of the Eastern Caribbean Court System. Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (Hague Trusts Convention) Its provisions are largely enacted, with many reinforced by BVI conflict-of-laws legislation. Cayman Islands English law/equity Applied by the courts except where altered by Cayman Islands legislation or case law. Constitutional status British Overseas Territory—self-governing member of the Commonwealth. Principal trusts legislation Trusts Act (2021 Revision) (Trusts Act) Banks and Trust Companies Act (2013 Revision) Fraudulent Dispositions Act (1996
Private Client
Cayman Islands trusts: government, courts, financial services regulation, confidentiality law and Hague Convention status
PRACTICE NOTES
Cayman Islands trusts: government, courts, financial services regulation, confidentiality law and Hague Convention status
This Practice Note sets out an overview of the Cayman Islands in the context of offshore trusts. For general information on the Cayman Islands, see Practice Note: Private client—Cayman Islands—Q&A guide. Government The Cayman Islands is an autonomous British Overseas Territory, operating as a parliamentary democracy. It has a Governor, appointed by the Government of the United Kingdom. The Islands have their own Constitution, with the latest version taking effect on 6 November 2009, by which a Bill of Rights was brought into force as the ‘cornerstone of democracy’ in the Islands (see paragraph 1(1) of the Bill of Rights (Laws of the Cayman Islands)). The Constitution was amended in 2016 to, among other things, increase the retirement age for judges of the Grand Court and remove the Governor’s power to exercise disciplinary control over the Chief Justice and the President of the Court of
Private Client
Cayman Islands trusts: legal framework, types, reserved powers and protectors, STAR and charitable trusts, taxation, conflict of laws, forced heirship and practical applications
PRACTICE NOTES
Cayman Islands trusts: legal framework, types, reserved powers and protectors, STAR and charitable trusts, taxation, conflict of laws, forced heirship and practical applications
Most common types of trusts Under Cayman Islands trust laws, a range of trusts can be established, including: Discretionary trusts STAR trusts Life interest trusts Fixed interest trusts Charitable trusts Exempted Trusts Each of these trusts is outlined in more detail below. Discretionary trusts A discretionary trust usually delivers the highest degree of flexibility. It is the most commonly adopted format and is often the most effective arrangement for both the settlor and the beneficiaries. The trustee is granted extensive discretion over the timing, scale, and recipients of distributions from both income and capital. This structure is advantageous where, at the point the trust is created, the future circumstances of beneficiaries cannot be clearly defined and are expected to shift over time. Beneficiaries are not treated as holding any specific legal entitlement to a particular share of the trust fund, but instead have only the right to be considered when the trustee
Private Client
Cayman Islands trusts: statutory framework (including reserved powers and STAR trusts), beneficiary disclosure, variation, perpetuities reform, conflict of laws and forced heirship, private trust companies, and tax
PRACTICE NOTES
Cayman Islands trusts: statutory framework (including reserved powers and STAR trusts), beneficiary disclosure, variation, perpetuities reform, conflict of laws and forced heirship, private trust companies, and tax
Trusts laws of the Cayman Islands The principal legislation regulating trusts in the Cayman Islands is the Trusts Act (2021 Revision) (the Trusts Act). That Act draws together several further enactments relevant to Cayman trusts, including, without limitation, the Special Trusts (Alternative Regime) Law 1997 and the Trust (Amendment) (Immediate effect and Reserved Powers) Law 1998, as well as other pertinent measures. See also The Rule on Perpetuities. It is important to recognise that Cayman Islands trusts law is rooted in English common law and equity, which continue to inform the interpretation and practical application of trust law in the Cayman Islands. Nevertheless, as the Cayman Islands’ trusts regime has developed over time, a series of statutory distinctions has arisen between the Cayman Islands and England, and therefore it should not be presumed that Cayman Islands trusts law will be applied in
Private Client
Offshore trusts: overview, contrasts with onshore trusts, common structures (discretionary, life interest, hybrid, non-charitable purpose trusts) and key features (protectors, reserved powers, flight/flee clauses, firewall provisions)
PRACTICE NOTES
Offshore trusts: overview, contrasts with onshore trusts, common structures (discretionary, life interest, hybrid, non-charitable purpose trusts) and key features (protectors, reserved powers, flight/flee clauses, firewall provisions)
A trust is a legal arrangement created either during life by gift or on death, where an individual (the settlor) passes assets to one or more people (the trustees) to hold for beneficiaries or for a defined purpose. Depending on the terms of the trust deed, the trustees may simply retain the assets until a future event occurs, or they may invest them so that the beneficiaries can receive value from the fund, typically as distributions of capital or as income generated by the investments. Benefits may arise on the happening of a condition or over time, according to the instrument. A trust therefore involves three roles: settlor, trustees and beneficiaries. It rests on equitable principles under which legal title to property is distinct from beneficial ownership, and the trustee owes a duty of care to the
Private Client
TISE Official List debt securities: QIBM eligibility, agents, TISE Passport fast-track, process, disclosure, timing, sustainability, continuing obligations and quoted Eurobond exemption
PRACTICE NOTES
TISE Official List debt securities: QIBM eligibility, agents, TISE Passport fast-track, process, disclosure, timing, sustainability, continuing obligations and quoted Eurobond exemption
What does this Practice Note cover? This Practice Note sets out an overview of the listing routes on The International Stock Exchange (TISE), with emphasis on its Qualified Investor Bond Market (QIBM), accelerated listing services, international recognitions, regulatory stance, and its sustainable finance offering. It explains the categories of debt securities eligible for admission, the advantages of listing on TISE, and the practical points for issuers, including timetable and disclosure obligations. TISE supports listings across a broad spectrum of debt, such as intragroup loan notes, high-yield bonds, asset-backed notes (covering securitisations and collateralised loan obligations), variable funding notes, convertible notes, Eurobonds and warrants. The platform includes the QIBM, which is tailored to the admission of bonds and other debt instruments marketed to institutional investors, professional investors, and other investors who are experienced and knowledgeable in bond investing (being ‘Qualified Investors’ as defined in the
Banking & Finance
Listing Debt Securities on TISE’s Official List (QIBM): Process, Key Documents and Regulatory Requirements—Flowchart
CHECKLISTS
Listing Debt Securities on TISE’s Official List (QIBM): Process, Key Documents and Regulatory Requirements—Flowchart
This flow diagram sets out the principal stages and regulatory factors in bringing debt securities to the Qualified Investor Bond Market (QIBM) of The International Stock Exchange (TISE). From appointing a listing agent to obtaining the grant of listing—it signposts key documentation, review milestones, and regulatory interactions throughout the entire process. What is the process and what rules apply to listing debt securities on the Official List of The International Stock Exchange?...
Banking & Finance
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