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article under the tag
economic substance

July 9, 2021

Guv okays bills to deter financial crime

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 …

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by Dana Kampa
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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by CLAIRE SHEFCHIK
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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by CLAIRE SHEFCHIK
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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by GENEVIEVE GLATSKY
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 …

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by CLAIRE SHEFCHIK
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 …

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by CLAIRE SHEFCHIK
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 …

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by CLAIRE SHEFCHIK
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 …

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by Amanda Ulrich
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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by Conor King Devitt
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) …

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by Amanda Ulrich
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. …

Continue reading “EDITORIAL: With EU blacklist looming, VI has precious little time”

by The BVI Beacon
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 …

Continue reading “As EU blacklist looms, House to fast-track law”

by FREEMAN ROGERS

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