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Cyprus > Legal Developments > Law firm and leading lawyer rankings

Editorial

BVI'S NEW ECONOMIC SUBSTANCE LEGISLATION

The British Virgin Islands are rushing to pass by the end of December the new economic substance legislation to avoid the EU’s blacklist of tax haven jurisdictions.

The new legislation will introduce economic substance requirements for all companies and limited partnerships which are registered and tax resident in the BVI and will mandate that every corporate service provider registering a company that falls under the scope of the legislation will have to know where the company or limited partnership is tax resident and must be ready to relay that information to the BVI’s competent authorities.

The legislation will also require that in the case that a company of limited partnership is tax resident in the BVI, it must demonstrate economic substance and must carry out core income generating activities in BVI.

These include banking business, insurance business, fund management business, finance and leasing business, headquarters business, shipping business, holding business, intellectual property business, distribution and service centre business.

The legislation will be approved and becomes law by December 31, 2018, the deadline set by the European Union.

Please contact:

Juliana Kyriakides, Juliana.Kyriakides@americanoslaw.com or

Helen Panteli, helen.panteli@americanoslaw.com

for further information and/or clarifications.

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