The Government of the British Virgin Islands announced on 2 January 2018 that legislation for the implementation of economic substance requirements was passed on 19 December 2018. The Economic Substance (Companies and Limited Partnerships) Act 2018, which was published in the Official Gazette on 28 December, addresses the European Union’s (EU) concerns over "economic substance" and came into force from 1 January 2019. The requirements include that a legal entity that carries on a relevant activity during any financial period must comply with the economic substance requirements in relation to that activity. Relevant activities include: Banking business; Insurance business; Fund...