Worldwide:
Summary Of Economic Substance Requirements In Bermuda, The British Virgin Islands And The Cayman Islands
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New regulations in Bermuda, the British Virgin Islands
(BVI) and the Cayman Islands came into force at
the start of 2019 which require certain entities carrying on
specific types of business to demonstrate adequate economic
substance in that jurisdiction. New laws and regulations
(Substance Regulations) have been
adopted in each jurisdiction in response to concerns expressed by
the Council of the European Union about the absence of clear
general legal substance requirements for entities doing business in
and through these jurisdictions.
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First published by the Hong Kong Lawyer, July 2019.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
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