Changes in the economic substance requirements for offshore jurisdictions – The example of BVI

In addressing the concerns of the EU Code of Conduct Group for Business Taxation and OECD guidance around the economic substance of entities in low or no tax jurisdictions, a number of offshore jurisdictions, including the British Virgin Islands, Cayman Islands, Bermuda, Bahamas, Seychelles, Mauritius, Guernsey, Jersey and Isle of Man, enacted legislation requiring local […]