FATCA: BVI, Bermuda and Cayman Islands – The IRS has provided for an extension of time for Model 1 IGA jurisdictions to provide their 2019 FATCA data to the United States competent authority. Currently the deadline…
NEW Cayman Islands CRS Compliance Form…Read More
Bermuda Since the onset of the global COVID-19 epidemic, the Bermuda Government has taken steps to enable commercial operations to continue whilst social distancing and other measures to stem the spread of the coronavirus are in place. Below is a summary of those measures of most interest to Bermuda’s international client base. Filings & Company…Read More
Bermuda entities that are tax resident in another jurisdiction may now seek an exemption from economic substance requirements. On Friday, 28 June 2019 Bermuda adopted the Economic Substance Amendment Act 2019, which creates an exemption for entities registered in Bermuda that are tax resident in an acceptable jurisdiction. The amendment brings Bermuda’s economic substance legislation in line with other jurisdictions, including the BVI and the Cayman Islands, whose economic substance legislation already includes this exemption.Read More
In response to increasing pressure from the EU and the OECD, and to avoid being placed on the EU Council’s list of non-cooperative jurisdictions for tax purposes, each of Bermuda, BVI and Cayman have introduced economic substance legislation (ES Legislation) effective 1 January 2019 to satisfy such requirements.
The ES Legislation varies slightly by jurisdiction based on differences between each jurisdiction’s economies, legal framework and understanding and interpretation of the EU and OECD’s expectations. Marbury has prepared a brief comparison and overview relating to the similarities and differences in respect of each of Bermuda, BVI and Cayman Islands for your reference.Read More
Further to our client update of 21 December 2018 we have put together a brief overview of the new legislation now it has come into force.Read More