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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 five - Private Investment Funds
Fund Services

Practically Speaking: Episode five - Private Investment Funds

In our fifth episode, Director of Client Services Amy Roost and Global Head of Investment Funds, Philip Graham discuss the following: Private Investment Funds (PIFs), what they are and why they were introduced, the various ways in which you can determine whether this new regime affects your BVI entity, the need for PIFs to apply to be recognised by the Financial Services Commission in the BVI on or before the June 30, 2020 deadline, the application process.

Practically Speaking: Episode three - Pushing the envelope
Fund Services

Practically Speaking: Episode three - Pushing the envelope

During this episode of the Practically Speaking podcast series, Rachel Graham and Amy Roost discuss the ins and outs of de-enveloping BVI companies.

Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships
Fund Services

Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships

The Economic Substance (Companies and Limited Partnerships) Act, 2018 was introduced in the BVI, effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on Harmful Tax Practices regarding economic substance. Related amendments to the Beneficial Ownership Secure Search System Act, 2017 implement an economic substance reporting regime. Harneys has issued this guide to assist directors and operators of BVI companies and limited partnerships.

Cayman Islands: Update to Reportable Jurisdictions list announced
Fund Services

Cayman Islands: Update to Reportable Jurisdictions list announced

The Cayman Tax Information Authority (TIA) issued an advisory confirming an update to the Reportable Jurisdictions list, dated 17 May 2019 and gazetted on 14 June 2019, which can be found here. This list, which contains two new Reportable Jurisdictions, applies to filings made for the calendar year 2018. We strongly recommend that clients review this list to ensure that all reportable accounts have been identified and filed accordingly.