111 results found

The Council of the European Union ("EU") has announced that following a meeting of the EU's Economic and Financial Affairs Council ("ECOFIN"), the British Virgin Islands...

The BVI Government has announced the conclusion of negotiations with the US on a Model 1 Intergovernmental Agreement (IGA) under FATCA.

Sophisticated international families are more than familiar with the need to structure their affairs using vehicles that are modern, flexible, and – ideally – mobile.

British Virgin Islands ("BVI") 'legal entities' are required to report their status on an annual basis pursuant to the Economic Substance (Companies and Limited Partnerships) Act, 2018 (as amended)...

The integrity of tax systems around the world has been challenged for years, stymied by undetected, illegal evasion tactics.

The British Virgin Islands (BVI) has passed legislation requiring certain legal entities carrying on relevant activities to demonstrate adequate economic substance in the BVI.

Following the decision of the BVI Commercial Court on BEC Limited v (1) A2 and (2) A1 (BVIHC (COM) 2022/0059), here is useful clarification on the late amendments...

On 1st January 2016, an amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 came into force which implements the Organisation for Economic Co-Operating and Development...

Trusts established under the British Virgin Islands' special trust regime are referred to as "VISTA Trusts". VISTA Trusts are a form of trust unique...

The BVI Government introduced, with effect from 1 January 2019, a new legislation titled the Economic Substance (Companies and Limited Partnerships) Act 2018, requiring certain legal entities to demonstrate ...

Public bodies must strike a balance when discharging their international obligations in the mutual exchange of information by ensuring that procedural fairness safeguards for BVI persons are observed in the performance of those obligations.

In response to the OECD's global Base Erosion and Profit Shifting ("BEPS") initiative and EU Code of Conduct Group substance requirements modelled on BEPS Action 5 ...

The British Virgin Islands is transforming its financial return regime from a basic filing exercise into a comprehensive disclosure framework. Companies and limited partnerships will soon face significantly expanded reporting requirements covering assets, income, expenses, and financial holdings, with new rules taking effect for 2027 returns.

The United States champions itself as a nation policing the rest of the world, preventing money laundering, tax evasion and foreign corrupt practices.

We refer to our alert from June 2019 for guidance on the requirements of the Economic Substance (Companies and Limited Partnerships) Act, 2018 and the definitions of Legal Entity, Relevant Activity and Financial Period.

From January 2024, all relevant entities with reporting obligations in relation to the United States ("US") Foreign Account Tax Compliance Act ("FATCA"), Organisation for Economic...

Note in particular that penalties frequently apply for late filings and so the registered office should be informed promptly of any notifiable changes to allow the appropriate filing/s to be made.