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ARTICLE · 06 DECEMBER 2021

Economic Substance Q4 2021

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In the last Appleby Asia Alert, we looked at amendments to Bermuda's economic substance regime that brought all partnerships, including those which do not elect to have separate legal personality...

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Fiona Chan
Fiona Chan
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In the last Appleby Asia Alert, we looked at amendments to Bermuda's economic substance regime that brought all partnerships, including those which do not elect to have separate legal personality, within the definition of "relevant entities" under the Economic Substance Amendment Act 2021. We noted that similar amendments were expected to be adopted by other jurisdictions. The latest jurisdictions to follow suit are the British Virgin Islands (BVI) and the Cayman Islands.

CHANGES TO BVI ECONOMIC SUBSTANCE REGIME

Prior to the amendments introduced by the Economic Substance (Companies and Limited Partnerships) (Amendment) Act, 2021, the type of entities falling within scope of the BVI's economic substance regime under the Economic Substance (Companies and Limited Partnerships) Act, 2018 (BVI ES Act) included, among others, limited partnerships with legal personality.  With effect from 30 June 2021, the scope of the regime was broadened to include limited partnerships

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