On 12th March 2019, BVI Finance welcomed the European Union’s recognition of the BVI as a cooperative jurisdiction as it has delivered on its commitment relating to economic substance as defined by the EU.
As such the BVI has not been added to the EU’s list of non-cooperative jurisdictions. This decision reflects the BVI Government’s ongoing cooperation with the European Union.
As part of this, the BVI Government recently passed the necessary legislation to address the EU’s specific concerns in the area of substance – namely, The Economic Substance (Companies and Limited Partnerships) Act, 2018.
For more details on the BVI economic substance requirements please click here.
It is being reminded that official guidelines and clarifications are imminently being awaited.