With effect from 1 January 2019 and, in order to address the
concerns of the EU Code of Conduct Group, new legislation requiring
certain entities to demonstrate economic substance in the
jurisdictions in which they are tax resident has come into force in
the BVI, Cayman Islands, Guernsey and Jersey.
Detailed guidance notes in each jurisdiction are expected in the
coming weeks.
Briefing notes in respect of the substance requirements issued
by Ogier's specialists are linked below. Our recommendation is
for advice to be sought as soon as possible in order to ensure
ongoing compliance with the legislation.
Partner Niamh Lalor, who has been part of the Ogier team
co-ordinating the firm's cross-jurisdictional response to the
economic substance legislation, said: "Although we are
awaiting detailed guidance notes, the legislation is now in force
and advisers are in a position to start considering the impact on
entities that are in-scope.
