http://www.caymannational.com/ Cayman National Sun, 20 May 2012 11:15:52 +0000 en-us http://www.caymannational.com/news-detail.php?EU-Approval-on-Zero-Ten-54 The Isle of Man's corporate tax regime was approved by the EU's Council of Economic and Financial Affairs (ECOFIN) in Brussels on 19 December 2011. Wed, 01 Feb 2012 00:00:00 +0000 http://www.caymannational.com/news-detail.php?EU-Approval-on-Zero-Ten-54 http://www.caymannational.com/news-detail.php?New-Horizons-for-Cayman-National-52 Cayman National Isle of Man's new Aircraft and Yachting services are covered in a recent local media publication. Tue, 31 Jan 2012 00:00:00 +0000 http://www.caymannational.com/news-detail.php?New-Horizons-for-Cayman-National-52 http://www.caymannational.com/news-detail.php?Agreement-signed-with-Dubai-to-boost-economic-ties-53 The Isle of Man and Dubai Departments of Economic Development have announced the signing of a Memorandum of Understanding (MoU) aimed at promoting closer business, economic and trade relations between the two countries. Tue, 31 Jan 2012 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Agreement-signed-with-Dubai-to-boost-economic-ties-53 http://www.caymannational.com/news-detail.php?Cayman-National-attends-London-Boat-Show-51 A team from Cayman National will be attending the 2012 Tullet Prebon London Boat Show. Wed, 11 Jan 2012 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Cayman-National-attends-London-Boat-Show-51 http://www.caymannational.com/news-detail.php?3rd-Annual-Aviation-Asset-Management-Conference-in-the-Middle-East-50 Cayman National are sponsoring the 3rd Annual Aviation Asset Management Conference in the Middle East to be held on the 10th November 2011 at the Novotel World Trade Centre in Dubai Wed, 09 Nov 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?3rd-Annual-Aviation-Asset-Management-Conference-in-the-Middle-East-50 http://www.caymannational.com/news-detail.php?Implications-for-US-Tax-payers-and-Foreign-Financial-Institutions-under-FATCA-47 The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts. Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Tue, 26 Jul 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Implications-for-US-Tax-payers-and-Foreign-Financial-Institutions-under-FATCA-47 http://www.caymannational.com/news-detail.php?The-Irish-Income-Levy-and-Its-Interaction-with-the-Tax-Co-operation-Agreements-Between-the-Isle-of-Man-and-Ireland-48 The governments of the Isle of Man and Ireland have agreed on the interaction between the Irish income levy and the tax co-operation agreements in force between the Isle of Man and Ireland. Both governments have agreed that the income levy is a substantially similar tax, within the meaning of Article 2(2) of the Agreement between the Isle of Man and Ireland for the Exchange of Information Relating to Tax Matters and its Protocol, to the income tax covered in Article 2(1)(b)(i) of the same Agreement. The income levy is therefore a tax covered by the above Agreement from the date of its coming into effect in Ireland on 1 January 2009. It has also been agreed that the income levy exemption which is provided for under the domestic law of Ireland in certain circumstances is extended to residents of the Isle of Man where appropriate with effect from 1 January 2009. Tue, 26 Jul 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?The-Irish-Income-Levy-and-Its-Interaction-with-the-Tax-Co-operation-Agreements-Between-the-Isle-of-Man-and-Ireland-48 http://www.caymannational.com/news-detail.php?Isle-of-Man-signs-tax-co-operation-agreement-with-the-Czech-Republic-49 On 18th July, 2011, the Isle of Man Government continued with its programme of developing closer economic and taxation co-operation with other countries by signing a Tax Information Exchange Agreement (TIEA) and a Joint Declaration with the Czech Republic. The TIEA is the Isle of Man’s 25th TIEA and its 29th agreement that meets the OECD international standard on tax co-operation and transparency. The signing ceremony took place at the Czech Embassy in London between Anne Craine MHK, the Isle of Man’s Treasury Minister, and His Excellency Mr Michael Zantovsky, the Czech Ambassador. Tue, 26 Jul 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-signs-tax-co-operation-agreement-with-the-Czech-Republic-49 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-Agreements-With-Slovenia-45 Two tax agreements between the Isle of Man and the Republic of Slovenia were signed on the 27th June by His Excellency Iztok Jarc, the Slovenian Ambassador , and by Isle of Man Treasury Minister, Anne Craine MHK. Tue, 28 Jun 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-Agreements-With-Slovenia-45 http://www.caymannational.com/news-detail.php?The-Isle-of-Man-Means-Business-46 The Department of Economic Development (the Department) has recently announced a number of significant changes to the way the Isle of Man approaches the promotion of Financial Services and related industries in the Isle of Man. The Department is embarking on a radical shake-up which will mean a more collaborative approach with industry and the creation of a new Public Private Sector promotional model allowing the sharing of resource and funding between all parties. Tue, 28 Jun 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?The-Isle-of-Man-Means-Business-46 http://www.caymannational.com/news-detail.php?Cayman-National-Appoints-Nigel-Wardle-to-Board-of-Directors-44 Cayman National Corporation Ltd.is pleased to announce the appointment of Nigel Wardle to the Board of Directors. Fri, 24 Jun 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Cayman-National-Appoints-Nigel-Wardle-to-Board-of-Directors-44 http://www.caymannational.com/news-detail.php?Phil-O-Shea-appointed-to-key-role-within-UK-National-Charity-43 Phil O’Shea has been appointed Deputy Chair of the National Advisory Board for Crimestoppers, the independent charity dedicated to the fight against Crime. Wed, 15 Jun 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Phil-O-Shea-appointed-to-key-role-within-UK-National-Charity-43 http://www.caymannational.com/news-detail.php?OECD-praise-for-Isle-of-Man-42 The OECD (Organisation for Economic Co-operation and Development) has praised the Isle of Man for the way that it exchanges information with other countries. The peer review assessment was carried out by a team of experts on behalf of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes, which involves over 90 countries including the Isle of Man. Wed, 08 Jun 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?OECD-praise-for-Isle-of-Man-42 http://www.caymannational.com/news-detail.php?A-Foundation-For-The-Future-Guest-article-by-Kevin-O-Loughlin-Simcocks-Advocates-40 The Foundations Bill 2010 has made its way through Tynwald in the Isle of Man, and is expected to be law in late-2011. Kevin O’Loughlin of Simcocks Advocates summarises what will be the main characteristics of an Isle of Man foundation. Foundations have long existed in the law of continental jurisdictions, but common law jurisdictions are increasingly legislating to introduce the concept. The purpose of the Bill is to allow for the establishment of foundations in the Isle of Man; foundations will add to the number and range of products available to the financial services sector in the Isle of Man; and foundations will provide a new vehicle which may permit entry by the Isle of Man into new markets in an increasingly competitive environment. Mon, 06 Jun 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?A-Foundation-For-The-Future-Guest-article-by-Kevin-O-Loughlin-Simcocks-Advocates-40 http://www.caymannational.com/news-detail.php?How-To-Prevent-Bribery-and-Corruption-Guest-article-by-Adam-Kelly-Simcocks-Advocates-41 Now that the final guidance has been published for the UK Bribery Act 2010 which will come into force on 1 July 2011 it is important to check how the Act will impact Manx companies doing business in UK. Adam Kelly from the Corporate and Commercial department of Simcocks Advocates explains the implications. Mon, 06 Jun 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?How-To-Prevent-Bribery-and-Corruption-Guest-article-by-Adam-Kelly-Simcocks-Advocates-41 http://www.caymannational.com/news-detail.php?How-Can-Clients-Have-Confidence-That-Their-Chosen-Financial-Institution-Remains-Sound-Guest-Article-by-Phil-O-Shea-Non-Executive-Director-of-Cayman-National-Isle-of-Man-39 In many ways the huge turmoil which affected the global financial sector in 2008 has abated, with more frequent references to financial institutions returning to profitable operations and with the press highlighting examples of attractive products on offer. However, closer review highlights that systemic improvements have not been completed, that national economies such as Greece, Ireland and Portugal have been destabilized to a high degree and require external support to pay their debts and that huge amounts of potentially toxic debts remain live, albeit segregated into a controlled “pot”. Mon, 16 May 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?How-Can-Clients-Have-Confidence-That-Their-Chosen-Financial-Institution-Remains-Sound-Guest-Article-by-Phil-O-Shea-Non-Executive-Director-of-Cayman-National-Isle-of-Man-39 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-Agreement-with-Mexico-38 The Isle of Man has signed a Tax Information Exchange Agreement (TIEA) with Mexico. Tue, 10 May 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-Agreement-with-Mexico-38 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-Agreement-with-Poland-37 The Isle of Man signed three agreements with the Republic of Poland on 7th March 2010. The signing ceremony took place at the Polish Embassy in London between Her Excellency, Barbara Tuge-Erecinska, Ambassador of the Republic of Poland, and the Isle of Man Treasury Minister Anne Craine MHK. Tue, 08 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-Agreement-with-Poland-37 http://www.caymannational.com/news-detail.php?Why-Litigate-When-You-Can-Mediate-Guest-article-by-Laurence-Vaughan-Williams-28 Litigation costs money. If you or your company or bank are involved in litigation you know that already. There is an answer. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Why-Litigate-When-You-Can-Mediate-Guest-article-by-Laurence-Vaughan-Williams-28 http://www.caymannational.com/news-detail.php?UK-Anti-avoidance-Rules-Under-Threat-Guest-Article-by-Paul-Hotchkiss-29 The European Commission has recently issued a press release stating: "The European Commission has formally requested the United Kingdom to amend two discriminatory anti-abuse tax regimes which concern the transfer of assets abroad and attribution of gains to members of non-UK resident companies. The requests take the form of Reasoned Opinions (the second step of an infringement procedure). In the absence of a satisfactory response within two months, the Commission may refer the UK to the European Court of Justice. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?UK-Anti-avoidance-Rules-Under-Threat-Guest-Article-by-Paul-Hotchkiss-29 http://www.caymannational.com/news-detail.php?European-Union-Directive-on-the-Taxation-of-Savings-Income---New-Reporting-Procedures-for-Paying-Agents-Guest-article-by-Paul-Hotchkiss-30 Paying agents have been advised of new reporting obligations which will apply from 1 July 2011 in relation to the application of the Isle of Man’s equivalent to the European Union Directive 2003/48/EEC on the taxation of savings income in the form of interest payments (commonly referred to as the EUSD). Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?European-Union-Directive-on-the-Taxation-of-Savings-Income---New-Reporting-Procedures-for-Paying-Agents-Guest-article-by-Paul-Hotchkiss-30 http://www.caymannational.com/news-detail.php?New-Guidelines-for-registering-offshore-companies-in-Dubai-Guest-article-by-Poonam-Nagi-31 As of 1st January 2011, the Dubai Land Department issued new guidelines to register property for offshore companies. In a step forward, the Dubai Land Department will permit and accept registration of title to freehold property provided the corporate entities purchasing property are “offshore” entities registered in the “Jebel Ali Free Zone (JAFZ)”. These Guidelines are not retrospective and only apply to new registrations at the Dubai Land Department on or after 1 January 2011. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?New-Guidelines-for-registering-offshore-companies-in-Dubai-Guest-article-by-Poonam-Nagi-31 http://www.caymannational.com/news-detail.php?Appointment-of-Phil-O-Shea-as-a-Non-Executive-Director-to-Cayman-National-Isle-of-Man-32 The Cayman National Group are pleased to announce the appointment of Phil O’Shea as a non executive director to the boards of both Cayman National Bank and Trust Company (Isle of Man) Limited and Cayman National Fund Services (Isle of Man) Limited. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Appointment-of-Phil-O-Shea-as-a-Non-Executive-Director-to-Cayman-National-Isle-of-Man-32 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-agreement-with-Canada-33 Continuing with its programme of developing closer economic and taxation co-operation with other countries, the Isle of Man has concluded discussions and signed a Tax Information Exchange Agreement (TIEA) with Canada. This is the 18th TIEA and the Island’s 21st agreement that meets the OECD international standard on tax co-operation and transparency. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-operation-agreement-with-Canada-33 http://www.caymannational.com/news-detail.php?Isle-of-Man-signs-Tax-Co-operation-Agreement-with-India-34 The Isle of Man Government has signed a Tax Information Exchange Agreement (TIEA) with India. This is the second agreement to be signed by the Island in February 2011, and is the 19th TIEA in place. The Island has now signed 23 agreements that meet the OECD international standard on tax co-operation and transparency. The signing ceremony took place at the Indian High Commission in London between Mr Nalin Surie, High Commissioner of India to the UK, and Manx Treasury Minister Anne Craine MHK. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-signs-Tax-Co-operation-Agreement-with-India-34 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-New-Double-Taxation-Agreement-with-Bahrain-35 The Isle of Man has signed a comprehensive double taxation agreement (DTA) and a memorandum of understanding on economic, trade and technical co-operation (MOU) with Bahrain. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-New-Double-Taxation-Agreement-with-Bahrain-35 http://www.caymannational.com/news-detail.php?Inheritance-Tax-IHT-Planning-Solution-by-Neil-Walker-OneE-Tax-36 Over the past few years, Cayman National has worked with and provided fiduciary and banking services to the clients of a leading UK tax consultancy firm called OneE Tax Ltd. Tue, 01 Mar 2011 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Inheritance-Tax-IHT-Planning-Solution-by-Neil-Walker-OneE-Tax-36 http://www.caymannational.com/news-detail.php?EU-Savings-Directive-2-..on-the-horizon-but-getting-any-closer-23 Council directive 2003/48/EC (EUSD 1) was adopted by the then 25 EU Member States from 1 July 2005. At the same time 15 other ‘third’ countries, including the Isle of Man and the Cayman Islands, also introduced similar measures. EUSD 1 was considered to be effective ‘within the limits set by its scope’. Fri, 26 Nov 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?EU-Savings-Directive-2-..on-the-horizon-but-getting-any-closer-23 http://www.caymannational.com/news-detail.php?Isle-of-Man-signs-Tax-Co-Operation-Agreement-with-China-24 Signing of TIEA with China creates a powerful new tax co-operation relationship for the Isle of Man. Fri, 26 Nov 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-signs-Tax-Co-Operation-Agreement-with-China-24 http://www.caymannational.com/news-detail.php?A-winning-formula-at-the-Isle-of-Man-Aircraft-Registry-25 The Isle of Man Aircraft Registry has announced the achievement of another key milestone with over 300 aircraft now registered since it was established on 1st May 2007. The growth in the register has occurred despite the current global economic climate and at a pace which continues to exceed expectations. The Isle of Man now has the fastest growing offshore aircraft register in the world. Fri, 26 Nov 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?A-winning-formula-at-the-Isle-of-Man-Aircraft-Registry-25 http://www.caymannational.com/news-detail.php?Isle-of-Man-Added-to-List-of-Approved-Jurisdictions-by-Hong-Kong-Stock-Exchange-HKSE-26 The Isle of Man has been accepted by the Stock Exchange of Hong Kong as an ‘approved jurisdiction’ for the purposes of the listing of its companies on that exchange. Fri, 26 Nov 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Added-to-List-of-Approved-Jurisdictions-by-Hong-Kong-Stock-Exchange-HKSE-26 http://www.caymannational.com/news-detail.php?Pre-nuptial-Agreements-A-Binding-Contract-27 Guest Article by Laurence Vaughan Williams I have no wish to depress my married readers but 45% of marriages are likely to end in divorce. It would appear sensible for the parties to enter into an Agreement either before the marriage, an Ante or Pre-nuptial Agreement, or after the marriage, a Post-nuptial Agreement. Fri, 26 Nov 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Pre-nuptial-Agreements-A-Binding-Contract-27 http://www.caymannational.com/news-detail.php?Cayman-National-Banking-Director-raises-3500-for-local-charity-21 Over £3,500 has been raised for The Children's Centre in Douglas by our Isle of Man Banking Director and 'resident adventurer', Barry Williams. Mon, 25 Oct 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Cayman-National-Banking-Director-raises-3500-for-local-charity-21 http://www.caymannational.com/news-detail.php?Isle-of-Man-Parliament-approves-of-new-pension-arrangements-22 The Isle of Man' s parliament, Tynwald has approved an order creating a new type of pension arrangement that will add to the Island's existing local and international pension legislation. Mon, 25 Oct 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Parliament-approves-of-new-pension-arrangements-22 http://www.caymannational.com/news-detail.php?Economic-Development---Top-Priority-19 Allan Bell, Minister for Economic Development, has announced a series of changes which will ensure that the Isle of Man focuses on future economic growth in the coming years. As part of the overall Change Programme that the Chief Minister initiated earlier in the year, Minister Bell has responded with a number of significant organizational changes to ensure that the Department maintains its focus on employment, bringing new economic activity to the Island and enhancing the Island’s reputation overseas as well as supporting existing businesses on the Island to flourish. Thu, 19 Aug 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Economic-Development---Top-Priority-19 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-Operation-Agreement-With-Portugal-20 The Isle of Man continues its programme of developing closer economic and taxation co-operation with other countries by signing a Tax Information Exchange Agreement (TIEA) with the Portuguese Republic. This agreement is the 16th TIEA the Isle of Man has signed, and the 19th agreement that meets the OECD international standard on tax co-operation and transparency. Fri, 13 Aug 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-Signs-Tax-Co-Operation-Agreement-With-Portugal-20 http://www.caymannational.com/news-detail.php?E-Business-Flourishing-On-The-Isle-of-Man-18 In the latest of a series of reviews into the Isle of Man’s e-Business sector, a report by business and technology consultancy, Charteris, has acknowledged the Isle of Man’s lead over other competing jurisdictions, thanks to the Island’s internationally competitive infrastructure. Thu, 05 Aug 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?E-Business-Flourishing-On-The-Isle-of-Man-18 http://www.caymannational.com/news-detail.php?Isle-of-Man-moves-ahead-with-preparation-for-EU-savings-directive-changes-17 The Isle of Man’s parliament, Tynwald, in June of this year endorsed the commitment made a year ago, by the then Treasury Minister, Allan Bell MHK, to a change of policy in relation to the EU Savings Directive (EUSD) that will see the Isle of Man, in its application of the EUSD, move fully to automatic exchange of information from 1 July 2011. Sun, 01 Aug 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-moves-ahead-with-preparation-for-EU-savings-directive-changes-17 http://www.caymannational.com/news-detail.php?International-Banking-Group-opens-its-doors-14 After many months of preparation, the doors were opened to the public on 19th July, 2010 of the newest bank in the Turks & Caicos Islands, International Banking Group. Wed, 21 Jul 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?International-Banking-Group-opens-its-doors-14 http://www.caymannational.com/news-detail.php?Isle-of-Man-introduces-treasury-share-regulations-15 The Isle of Man has introduced regulations to permit publically traded companies (incorparated under the Companies Act 1931) to purchase and hold a maximum of 10 per cent of their own shares in treasury, making publically traded Isle of Man companies more competitive. Mon, 05 Jul 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Isle-of-Man-introduces-treasury-share-regulations-15 http://www.caymannational.com/news-detail.php?Dubai-Land-Department-changes-Policy-for-offshore-Companies-13 As of 1st February 2010, Mohammad Sultan Thani, the Director General of the Dubai Land Department issued a Directive instructing the Transactions Department at the Dubai Land Department to prevent the registration of title to freehold properties in the names of offshore companies such as companies registered in the British Virgin Islands, Cayman Islands, Republic of Seychelles, etc. Fri, 02 Jul 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Dubai-Land-Department-changes-Policy-for-offshore-Companies-13 http://www.caymannational.com/news-detail.php?Chief-Minister-announces-new-Ministerial-line-up-12 In March 2010, the Isle of Man Chief Minister Tony Brown MHK announced the new line-up of the Council of Ministers. These appointments came into effect from April 1 to coincide with the major restructuring of Government Departments. Thu, 17 Jun 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Chief-Minister-announces-new-Ministerial-line-up-12 http://www.caymannational.com/news-detail.php?Outlook-for-2010-1 Over the past two years we have witnessed perhaps the most challenging economic circumstances seen in our lifetimes. 2009 saw some stability in global markets, with consumer confidence starting to return, and stock markets beginning their road to recovery, however fragile it might turn out to be. Tue, 08 Jun 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Outlook-for-2010-1 http://www.caymannational.com/news-detail.php?When-it-all-goes-wrong-and-you-may-not-even-know...-16 On advice, a settlor establishes a discretionary trust and the trustees manage the trust fund in accordance with the settlor’s letter of wishes. None of the beneficiaries or the settlor has anything to do with the UK. The trust is established to invest in a particular investment (e.g. a commercial property), and subsequently a profit is made on its disposal. Sat, 29 May 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?When-it-all-goes-wrong-and-you-may-not-even-know...-16 http://www.caymannational.com/news-detail.php?Celebrating-25-Years-of-Operations-7 To commemorate the 25th anniversary of Cayman National Bank and Trust Company (Isle of Man) and in recognition of the relationship which has endured over this entire period, Victoria McEneaney, Island Director of ... Mon, 01 Mar 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Celebrating-25-Years-of-Operations-7 http://www.caymannational.com/news-detail.php?The-Isle-of-Man-emerges-well-from-UK-s-Offshore-Financial-Centres-Review-6 The strongest recognition yet of the Isle of Man's role in attracting foreign investment into the City of London is contained in the findings of the UK Government's review of its offshore financial centres. Mon, 01 Feb 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?The-Isle-of-Man-emerges-well-from-UK-s-Offshore-Financial-Centres-Review-6 http://www.caymannational.com/news-detail.php?International-Banking-Group-nearing-launch-9 Cayman National’s subsidiary in the Turks & Caicos Islands, International Banking Group, is nearing its launch. The new bank will be providing retail and commercial banking services to the Turks & Caicos Islands. International Banking Group aims to replicate the success of Cayman National and become a substantial player in the retail and commercial banking sector. Mon, 01 Feb 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?International-Banking-Group-nearing-launch-9 http://www.caymannational.com/news-detail.php?Resident-or-Non-Resident-10 Why does Residence matter? Because if you are resident in the UK you will always pay tax on your UK income. The terms “residence” and “ordinary residence”, however are not defined in the taxes acts.... Mon, 11 Jan 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Resident-or-Non-Resident-10 http://www.caymannational.com/news-detail.php?Standard-Poor-s-AAA-Credit-Rating-for-Isle-of-Man-8 The Isle of Man has once again been accorded with a 'AAA' credit rating by Standard & Poor's. In reaching this decision, they have considered the implications of future reduced revenues from the Customs & Excise Agreement, and concluded that the Isle of Man's financial position remains robust and will be able to deal with ongoing budgetary pressures. Fri, 01 Jan 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Standard-Poor-s-AAA-Credit-Rating-for-Isle-of-Man-8 http://www.caymannational.com/news-detail.php?Foreclosures-as-the-new-wave-to-hit-Dubai-s-property-market-11 The British bank Barclays recently succeeded in taking their first repossession cases through the Dubai courts. Few details were given about the rulings, but the bank said it showed the property market was “evolving and is poised to come at par with other mature markets of the world”. Fri, 01 Jan 2010 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Foreclosures-as-the-new-wave-to-hit-Dubai-s-property-market-11 http://www.caymannational.com/news-detail.php?Cayman-National-Opens-Representative-Office-in-Panama-5 Cayman National's representative office in Panama City is now open for business, having obtained its Representation License in February.The ... Thu, 03 Sep 2009 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Cayman-National-Opens-Representative-Office-in-Panama-5 http://www.caymannational.com/news-detail.php?Front-Line-Philanthropy---Guest-Article-by-Paul-Beckett-2 Twenty-first century entrepreneurs who have acquired personal fortunes are used to directing their own lives and to making their own decisions. Many of them want to put something back into the societies which have supported their own rise to fame and fortune. Wed, 02 Sep 2009 00:00:00 +0000 http://www.caymannational.com/news-detail.php?Front-Line-Philanthropy---Guest-Article-by-Paul-Beckett-2