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Cayman Islands Publishes FAQs on Economic Substance

21 August 2019

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Approved Changes

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Cayman Islands

The Cayman Islands Department of International Tax Cooperation has published a FAQs document on the new Economic Substance (ES) requirements that entered into force on 1 January 2019 ({News-2019-05-10/A/2-previous coverage}). The includes answers to questions on ES notification and reporting and certain other matters as follows: Notification (s7(2) ES Law) How do I submit my notification? The Economic Substance ("ES") notification will be required for all entities with separate legal personality and will be done via the General Registry system (CAP and CBP). It is anticipated that the notification form will be online in Q4 2019. The process for notification...