New laws and regulations have been introduced and adopted in Bermuda, the British Virgin Islands and the Cayman Islands at the start of 2019, which require certain entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction.
This presentation will walk you through the latest developments in respect of economic substance requirements in each of these jurisdictions, and show you how to assess the impact of, and apply, these laws and regulations for the Bermuda, British Virgin Islands and Cayman Islands in-scope entities.
1. Background, Timetable, Deadlines and Development of Economic Substance Legislations
2. In-scope Entities
3. Relevant Activities
4. Economic Substance Tests
5. Filing Requirements, Enforcement and Penalties