The International Tax Co-operation (Economic Substance) Law,
2018 (ES Law) came into effect in the Cayman
Islands on 1 January 2019, requiring in-scope entities that carry
on particular activities to have demonstrable economic substance in
Cayman. You can find Ogier's overview of this legislation
here.
This briefing summarises the main elements of the ES Law as it
relates to investment funds and associated vehicles, and fund
managers and other entities registered as excluded persons under
the Securities Investment Business Law (2019 Revision) (SIB
Law). This note does not address entities holding a full
licence to carry on discretionary fund management under the SIB
Law. Such entities should seek specific advice from Cayman
counsel.
