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ARTICLE · 07 JANUARY 2019

Economic Substance Requirements In The British Virgin Islands

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The British Virgin Islands (BVI) government has enacted legislation that will require certain BVI entities carrying on specified activities to have ‘adequate substance' in the BVI.

British Virgin IslandsTax
David Clark
David Clark
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The British Virgin Islands (BVI) government has enacted legislation that will require certain BVI entities carrying on specified activities to have ‘adequate substance’ in the BVI. Any relevant entity that may be impacted by this legislation will wish to monitor these developments closely.

Background

As an early adopter of the Common Reporting Standard and FATCA compliant, the BVI is recognised as a jurisdiction committed to tax transparency. The BVI anti-money laundering and anti-terrorist financing legislative regime meets or exceeds international standards and the BVI government and financial services industry have worked closely with intergovernmental organisations to maintain a sound regulatory framework.

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