Clients are reminded of the following important filing dates for Financial Institutions (FIs) under the CRS and FATCA Regime and Economic Substance regime filings with the Tax Information Authority in the Cayman Islands. Additionally, clients are...
The Cayman Islands Government has published The Contracts (Rights of Third Parties) Bill, 2014 to make a law which will provide for the enforcement of contractual terms by third parties (the "Law").
The Law was originally opened for public consultation in 2012 and is now expected to come into force shortly. The Law will bring the Cayman Islands into line with the UK and the UK and the US relation to the ability of person to enforce rights which are conferred upon him pursuant to a contract to which he is not a party ("third party"), thereby overriding the common law principle that only parties to a contract are able to enforce its terms.