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...
CIMA announces that private fund Segregated Portfolio fees will be returned.
The Cayman Islands Monetary Authority (“CIMA”) published a press release on 22nd March, 2023 advising financial service providers that with immediate effect, it will not be collecting annual registration fees on behalf of Segregated Portfolios for private fund Segregated Portfolio Companies.
Of note, CIMA confirmed that they will refund any such fees paid from 2020 to date, prior to this notice.
It is anticipated that the Private Funds Act and the associated Regulations will be amended, following a broader stakeholder consultation with the Ministry of Financial Services and Commerce, and that a statutory based registration fee will be implemented thereafter.
If you have questions regarding the refund of fees for your fund, please contact your usual Stuarts attorney or email Jonathan McLean.