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The B.V.I., Cayman Islands, and Bermuda – Current Practice, Enforcement, and Emerging Trends

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The B.V.I., Cayman Islands, and Bermuda – Current Practice, Enforcement, and Emerging Trends

These three leading Caribbean international financial centers are members of the Caribbean Financial Action Task Force and have consistently implemented O.E.C.D. initiatives and E.U. requirements. They pride themselves in following international best practices. None of the regimes discussed below is a taxing regime. Consequently, their compliance focus is on information exchange, increased transparency and economic substance. Joshua Mangeot, a partner of the B.V.I. office of Harneys Celeste Aubee, an associate in the B.V.I. office of Harneys, explain the hurdles that have been overcome to remain in good standing with Europe and the U.S.

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Developments In Cross-Border Tax Investigations Target High Net Worth Individuals

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Developments In Cross-Border Tax Investigations Target High Net Worth Individuals

Tax collection and tax policy remain high priorities for the F.A.T.F. and the O.E.C.D. These organizations are responsible for developing and monitoring implementation of standards aimed at enhancing transparency, combatting financial crime, and ensuring effective regulation. The past decade saw adoption of accelerated reforms and ambitious deadlines. Differences between implementation and interpretation of international standards and unilateral or bilateral initiatives increase complexity and uncertainty for H.N.W.I.’s. In an introductory chapter to this edition of Insights, Joshua Mangeot, a partner of the B.V.I. office of Harneys, sets the table for the articles that follow.

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British Virgin Islands Economic Substance Requirements

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British Virgin Islands Economic Substance Requirements

Just as water flows downhill, action to prevent aggressive tax planning flows from (i) the O.E.C.D. in its B.E.P.S. Action Plan, especially Action 5 applicable to no or nominal tax jurisdictions (“N.T.J.’s”) to (ii) the E.U. Code of Conduct Group (“C.O.C.G.”), in its scoping paper identifying nine relevant activities and economic substance criteria for N.T.J.’s to avoid the E.U. blacklist, to (iii) the N.T.J.’s, themselves, in steps taken to police economic substance requirements of local law. The B.V.I. heard the message and has implemented a robust information reporting system for relevant entities. In their article, Joshua Mangeot, a partner in the B.V.I. office of Harneys and Kiril Pehlivanov, a member of the investment funds and regulatory team in the B.V.I office of Harneys, explain the effect of the B.V.I. economic substance regime on companies and limited partnerships registered in the B.V.I. and provide practical guidance for compliance and reporting.

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