Month: abril 2019

The worldwide industry of non-resident, low tax or tax neutral companies is panicking: all the big accounting firms (Deloitte, Ernest and Young, KMPG, and PWC) have been overwhelmed by a wave of recent legislation adopted by many jurisdictions at once. The call (shot?) has been made by the European Commission in Brussels regarding the non-cooperative tax jurisdictions. Some people will believe that it targets only small players, and others will believe that it only affects big players. In fact it is targeting every body. The biggest players affected are Chinese companies incorporated in the British Virgin Islands (Islas Vírgenes Británicas). Such companies ... Lee mas

Anguilla has adopted Economic Substance regulations in a very detailed manner.

Las Islas Marshall adoptaron Reglamentos de Sustancias Económicas aplicables a partir del 1 de enero 2019. Sin embargo, es interesante notar que: se aplica estrictamente a las actividades pertinentes (negocio de distribución y centro de servicio, negocios de financiacion y arrendamiento, negocio de la sede, negocio de la sociedad de cartera, negocio de propiedad intelectual, negocio de envío, negocio bancario, y negocio de seguros) holding company business is defined as pure equity holding company a pure equity holding company is subject to a reduced economic substance test the entities must provide the relevant information if requested by the Registrar it seems to apply to Master Series LLC only (y no cada Serie) an entity ... Lee mas

Like their flag with three legs: the Isle of Man prepares to triple kick with sanctions all the investors or companies that do not pass their economic substance’s tests.

Upcoming laws are to be adopted in Jersey regarding Economic Substance for companies.

Taking effect on the 1st January 2019: Guernsey adopted Economic Substance laws.

Already in force: the Cayman Islands adopted laws & regulations regarding economic substance requirements.

Bermuda is added to the list of jurisdictions adopting an Economic Substance Regime. Bermuda is used by numerous insurance companies (for example: AIA in Hong Kong) in order to lower the costs and avoid stamp duty on shares. Insurance companies already have on the ground staff in Bermuda so this should not be a problem for them.

The Bahamas follow many other jurisdictions by adopting substantial economic presence requirements: activities must be conducted from the Bahamas.

Las Islas Vírgenes Británicas (Islas Vírgenes Británicas) adopta requisitos de sustancia económica aplicables a partir de 1 enero 2019 (con un período transitorio de seis meses para las personas jurídicas existentes) si lleva a cabo cualquiera de las siguientes “actividades relevantes”: banking business insurance business fund management business finance and leasing business headquarters business shipping business holding business intellectual property business distribution and service centre business. Si la sustancia económica falla, la empresa no residente de BVI debe demostrar que es residente (y gravado) en otra jurisdicción. Las empresas registradas en BVI son ampliamente utilizadas en Hong Kong.