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ARTICLE · 07 JANUARY 2019

Economic Substance Requirements In The Cayman Islands

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The Cayman Islands government has published draft legislation that will require certain Cayman Islands entities carrying on specified activities to have ‘adequate substance' in the Cayman Islands.

Cayman IslandsGovernment, Public Sector
Bryan Hunter
Bryan Hunter
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The Cayman Islands government has published draft legislation that will require certain Cayman Islands entities carrying on specified activities to have ‘adequate substance’ in the Cayman Islands. Any relevant entity that may be impacted by this legislation will wish to monitor these developments closely.

Background

The Cayman Islands is an early adopter of the Common Reporting Standard, is compliant with FATCA, and is recognised as a jurisdiction committed to tax transparency. Our anti-money laundering and anti-terrorist financing legislative regime meets and in some cases exceeds international standards and our commitment to compliance is unwavering. The Cayman Islands government and financial services industry together have a long history of working closely and cooperatively with key intergovernmental organisations to ensure that our regulatory framework remains sound.

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