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ARTICLE · 06 JULY 2021

Cayman Economic Substance Update: Scope Extended To Include Partnerships From 30 June 2021

Collas Crill
Collas Crill
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Collas Crill

Collas Crill

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We previously published an article in March 2019 on the introduction of the International Tax Co-operation (Economic Substance) Act (2021 Revision) in Cayman ('ES Act'). Our 2019 article can be found here.

Cayman IslandsFinance and Banking
Laura Oseland
Laura Oseland
Aoife Madden
Aoife Madden
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We previously published an article in March 2019 on the introduction of the International Tax Co-operation (Economic Substance) Act (2021 Revision) in Cayman ('ES Act'). Our 2019 article can be found here.

On 30 June 2021, the Cayman Islands Government enacted the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021 ('ES Regulations'). The ES Regulations expand the scope of the ES Act to cover all Cayman Island established partnerships, save for local partnerships. Non-Cayman partnerships registered in Cayman as foreign limited partnerships have also been brought within the scope of the ES Act (together, the 'Partnerships').

The biggest impact of the ES Regulation will likely be felt by exempted limited partnerships, a hugely popular partnership vehicle in Cayman.

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