In this piece Manuela Belmontes discusses the growth of Islamic finance in various offshore centers, including the Dubai International Financial Center (DIFC). Her contribution formed part of the 2018 edition of Islamic Finance News's Annual Guide, published by Red Money Group in December 2017.
Following the release of the Chambers and Partners Global Guide 2017, Maples and Calder continues to make significant achievements in both the individual lawyer and practice group rankings.
Owners of British Virgin Islands ("BVI") companies that hold UK residential property (together with other interested parties such as settlors of trusts) will have been following closely the changes made over the last three years to the taxation of UK residential property held by companies. On 19 August 2016 the UK Government published a consultation on further reforms to the taxation of non-domiciles, from which it is clear that from April 2017 residential property in the UK held by non-UK companies will be subject to inheritance tax. This will be a significant change to the current position, where the UK real estate of many non-domiciled investors held (or 'enveloped') through non-UK companies has been excluded from UK inheritance tax.
Airfinance Journal recognised Maples and Calder for seven transactions on which the firm advised in 2015 for Deal of the Year awards.
The Maples group recently held its bi-annual elections for various management positions.