Six bills designed in large part to deter financial crime took effect recently after receiving assent from Governor John Rankin. The Proliferations Financing (Prohibition) Act, 2021, passed in the House …
July 9, 2021
February 3, 2020
New class of funds targeted by economic substance law
Amid further pressure from the European Union to demonstrate that companies registered here have “economic substance,” the Virgin Islands is introducing a new regulatory regime for private equity and other …
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January 29, 2020
International Tax Authority still understaffed, director says
As of November the International Tax Authority had been able to fill only 13 of the 35 positions it announced as vacant last year, despite tax information requests continuing to …
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December 12, 2019
France may blacklist Virgin Islands, others
France plans to add the Virgin Islands to a blacklist along with the Seychelles, Anguilla and the Bahamas because they are “not cooperative enough in terms of financial transparency,” French …
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October 28, 2019
‘Substance’ rules lead to BOSSS changes
An amendment to the Beneficial Ownership Secure Search System Act, which was rushed through the House of Assembly on Friday, is designed to pave the way for the new rules …
July 11, 2019
Q1 incorporations down 19% from Q4
The Virgin Islands incorporated 7,214 new companies in the first quarter of 2019, representing an approximately 19 percent dip from the previous quarter’s total of 8,916 incorporations and turning in …
April 26, 2019
Draft Economic Substance Code released
As financial services professionals meet behind closed doors, trying to make sense of the newly released draft Economic Substance Code, Simon Gray, head of business development and marketing at BVI …
January 25, 2019
HOA rushes ‘substance’ amendments
Two bills were quickly added to the agenda for this week’s House of Assembly sitting on Tuesday: amendments to the “economic substance” law that took effect on New Year’s Day …
January 11, 2019
Questions surround ‘economic substance’ legislation
The Virgin Islands’ new “economic substance” law took effect on New Year’s Day, but financial services stakeholders remain uncertain about its specific requirements and what impact those rules will have …
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December 19, 2018
House rushes law to avoid blacklist
In hopes of avoiding a European Union blacklist, the House of Assembly spent several hours in closed-door committee discussions this week to fine-tune the Economic Substance (Companies and Limited Partnerships) …
December 11, 2018
EDITORIAL: With EU blacklist looming, VI has precious little time
It is good news that the government has finally produced a draft law designed to keep the territory off the looming European Union blacklist, but with a deadline of Dec. …
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December 7, 2018
As EU blacklist looms, House to fast-track law
With less than a month to spare, Premier Dr. Orlando Smith on Tuesday announced Cabinet’s approval of a draft law designed to keep the Virgin Islands off a European Union …
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