Unravelling
complexity.

In a bumper episode for the holiday season, Phil and Josh venture into the weeds of the ES reporting requirements, giving a "deep-dive" into the reporting criteria and their long-awaited discussion of tax non-residence claims and Part 4 of the International Tax Authority (ITA) Rules.

In the second episode of our Substance on Substance Season two, Philip Graham, our global head of Investment Funds and Regulatory, and Joshua Mangeot, our BVI Economic Substance specialist, give an update on points directors and operators of BVI entities should be aware of regarding the economic substance reporting deadlines.

Blockchain, smart contracts and virtual assets (together, DLT) can automate and digitise investment fund operations. Fund operators may want to take a close but careful look at harnessing DLT as regulation of the sector accelerates and central bank digital currencies become a reality.

1 December 2020 marks the dawning of a new day in the British Virgin Islands, as the BVI reopens its borders to all categories of travellers inclusive of tourists, residents, belongers and work permit holders.

Under Cayman Islands beneficial ownership legislation, certain Cayman Islands companies are required to maintain details of their beneficial owners and relevant legal entities on a beneficial ownership register. This guide explains which companies are in scope of the Legislation and which are exempt, who is classed as a beneficial owner and a relevant legal entity, and the obligations for in scope companies and those who hold interests in them.

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”. This article primarily considers the reporting regime.