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Economic substance reporting obligations in the British Virgin Islands
Economic Substance

Economic substance reporting obligations in the British Virgin Islands

Like most other major international financial centres (including Bermuda, the Cayman Islands, Guernsey, Jersey, the Isle of Man and the United Arab Emirates), the BVI has introduced economic substance requirements for certain entities carrying on specified “relevant activities”.

Practical considerations for BVI economic substance (ES) reporting

Practical considerations for BVI economic substance (ES) reporting

All BVI companies and limited partnerships with legal personality must now report on their ES position annually (this includes foreign companies and limited partnerships with legal personality registered in the BVI).

AML/TF risks in Cyprus in light of COVID-19 and related policy responses

AML/TF risks in Cyprus in light of COVID-19 and related policy responses

COVID-19 has changed the world in a lot more ways than one could imagine. An increase in the level of crime and changes in the type of criminal activity is just one of the many consequences of COVID-19 on global businesses. According to “COVID-19 related Money Laundering and Terrorist Financing, Risk and Policy Responses” (FATF COVID-19 paper), new Money Laundering (ML) and Terrorist Financing (TF) threats and vulnerabilities have been created from the outbreak of COVID-19 related crimes.

Economic substance in the Cayman Islands
Fund Services

Economic substance in the Cayman Islands

The International Tax Co-operation (Economic Substance) Law (the ES Law) was introduced in the Cayman Islands on 1 January 2019 in response to OECD’s Base Erosion and Profit Shifting framework and related EU initiatives in relation to what are known as ‘Geographically Mobile Activities’. Under the ES Law any relevant entity which carries on a relevant activity and receives relevant income in a financial period must satisfy the economic substance test in relation to that activity (ES Test) and make an annual filing with the TIA. Aside from the basic filing requirements, a relevant entity which does not carry on any relevant activity is not required to satisfy the ES Test. Harneys has issued a guide to assist directors and operators of Cayman Islands companies and limited liability partnerships.

Practically Speaking: Episode seven - Establishing substance in the BVI
Economic Substance

Practically Speaking: Episode seven - Establishing substance in the BVI

In our seventh episode, Transactional Partner Rachel Graham and Director of Fiduciary & Custodial Kerry Graziola discuss how to establish substance for relevant in scope entities in the BVI.