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ARTICLE · 19 MARCH 2019

Update: Economic Substance Requirements In The Cayman Islands

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On 1 January 2019, The International Tax Co-Operation (Economic Substance) Law, 2018 of the Cayman Islands (ES Law) and related Regulations came into force. Additional Regulations and Guidance

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Bryan Hunter
Bryan Hunter
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On 1 January 2019, The International Tax Co-Operation (Economic Substance) Law, 2018 of the Cayman Islands (ES Law) and related Regulations came into force. Additional Regulations and Guidance were issued on 22 February 2019.

The ES Law requires certain entities incorporated or registered in the Cayman Islands and carrying on specified activities to have ‘adequate substance’ in the Cayman Islands.

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

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