Offshore News: March 2009

03.03.2009 British Virgin Islands Premier and Finance Minister Ralph O'Neal presented the budget of the BVI territory for year 2009. The projected operational expenses of the budget are USD 252.4 million, and projected revenue is USD 279.8 million. The Development Fund allocation is USD23.8 million.
In his budget speech, Ralph O'Neal said that there was 1.7% decline in revenue projections over last year, because of anticipated reduction in revenue as a result of the global financial crisis. He stated that the government will stimulate the local economy through various policy and programme implementations.
O'Neal said that the aim of his 2009 budget is to repair and expand the infrastructure of the BVI territory to adequately meet the needs of the growing population and to encourage the growth of economy after the global financial crisis.

05.03.2009 The Financial Services Commission of Jersey has published its guidance note on proposed amendments to directorship rules. The published proposals include details of changes to existing exemptions and introduces new exemptions which will allow directors holding six or fewer directorships not to register with the Commission.
The proposed amendments will be subject to a consultation process which will be started by Jersey's Financial Services Commission in the first half of the year. The consultation will be based on suggested legal drafting of an amended Exemptions Order.

17.03.2009 The Cayman Islands has successfully concluded technical negotiations on a series of collateral commercial agreements and tax information treaties with the seven Nordic countries – Denmark, Faroe Islands, Finland, Greenland, Iceland, Sweden and Norway. The second round negotiations took place on March 5-6 in Copenhagen, while the first round has taken place in the Cayman Islands on April 17-18, 2008.
TIEAs between the Cayman Islands and the seven Nordic countries are to be signed in Stockholm in April 2009, upon the completion of individual administrative protocols by all the parties. The collateral commercial agreements will be signed at the Norwegian Embassy in Paris in June 2009.