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  3. The BVI, Cayman Islands, and Bermuda – Current practice, enforcement, and emerging trends

The BVI, Cayman Islands, and Bermuda – Current practice, enforcement, and emerging trends

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17 Dec 2024
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This article surveys selected recent developments in regulatory and tax-related law and practice in the British Virgin Islands (BVI), Cayman Islands and Bermuda that are relevant to end-clients, advisors and intermediaries.

Overview

The three leading Caribbean international financial centers – namely, Bermuda and the B.V.I. and Cayman Islands (together, the IFC's) – are members of the Caribbean Financial Action Task Force (CFTF) and have consistently implemented O.E.C.D. initiatives and similar E.U. requirements. As such, these IFC’s participate in CFTF and OECD peer review and monitoring and continue to develop their legal systems and enforcement mechanisms to reflect international best practices.

©Ruchelman P.L.L.C. The article was originally published in Vol. 11 No. 6 of Insights, the tax journal of Ruchelman P.L.L.C.

Authors
Joshua Mangeot Harneys front portrait image on a grey background
Joshua Mangeot
Partner | Funds & Regulatory | British Virgin Islands
Celeste Aubee Harneys front portrait image on a grey background
Celeste Aubee
Associate | British Virgin Islands