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ARTICLE · 27 FEBRUARY 2024

Cayman Islands Economic Substance Requirements

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This publication has been prepared for the assistance of the Cayman companies, partnerships and Cayman registered foreign companies and partnerships that will be required to assess...

Cayman IslandsTax
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Preface

This publication has been prepared for the assistance of the Cayman companies, partnerships and Cayman registered foreign companies and partnerships that will be required to assess the application of, and comply with, The International Tax Co-operation (Economic Substance) Act (2021 Revision) (as amended). It is not intended to be exhaustive but rather to provide an overview which we hope will be of use to our clients. We recommend that our clients and prospective clients seek legal advice in the Cayman Islands in respect of their legal obligations arising under this act.

1. INTRODUCTION

The International Tax Co-operation (Economic Substance) Act (2021 Revision) (the “ES Act”) came into force on 1 January 2019. The ES Act requires that all Cayman Islands entities notify the Cayman Islands Tax Information Authority (the “TIA”) of, amongst other things, whether or not they are carrying on a “Relevant Activity” (as defined in the ES Act and as discussed

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