Insights

The BVI International Tax Authority (ITA) has issued two updates in light of the Covid-19 outbreak, which include details of temporary arrangements for entities balancing their economic substance obligations with meeting the challenges and mitigating risks presented by the outbreak.

The Cayman Islands Automatic Exchange of Information regime has been varied in the following ways: FATCA and CRS reporting deadlines extended, list of reportable jurisdictions expanded, FATCA regime now includes the concept of an authorised person, Entities now able to act as Principal Point of Contact (PPOC) and Authorised Person (AP), an entity that is licensed by the Cayman Islands Monetary Authority (CIMA) may act as both the PPOC and AP

The rapid blow-out of the COVID-19 pandemic has meant that governments around the globe, including the government of Cyprus, were required to introduce new policy in an attempt to constrain COVID-19. The effects and time-spread of COVID-19 are currently hard to assess and will greatly depend on how effectively and at what pace the restrictive measures which have been introduced worldwide, will minimise this global shock.

The rapid spread of the novel coronavirus (COVID-19) and the measures put in place by national governments to contain it are having profound and swift global economic impact. Many businesses which appeared financially healthy just a few weeks ago now face severe stress and, while many will recover strongly, others will inevitably fail.

The Government of Cyprus has introduced measures to support companies/businesses affected by the restrictive measures imposed due to the spread of COVID-19. In the context of those measures, the Registrar of Companies (the Registrar) has issued formal announcements on 23 and 24 March 2020 to extend certain deadlines that are important to the operation of Cypriot companies. Below we outline the relevant information and announcements.

In an ever-increasing digital world, electronic communications between transaction parties have become the norm and the exchange of electronic documents is daily routine in transactions (whether occurring locally or cross-border). In this digital environment, therefore, it is imperative that the right tools are utilised to ensure that no legal mishaps occur: electronic signatures, electronic seals and electronic time stamps, as well electronic identification mechanisms are in place on the basis of a pan-European legal framework guaranteeing that the use of electronic communications is undertaken in a secure and consistent manner.