About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
Resources
Welcome to our Regulatory Resources Hub, a centralised guide to the core laws and compliance frameworks shaping financial services in leading jurisdictions. Here, you’ll find concise summaries and direct access to key legislation from the British Virgin Islands, Bermuda and Cayman Islands. Whether you’re navigating licensing requirements, AML obligations, or governance standards, this section is designed to help you stay informed and compliant with ease.
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Important update for BVI Registered Agents: Economic Substance filing transition
On 20 November 2025, the British Virgin Islands International Tax Authority announced that Economic Substance reporting obligations will transition from the Beneficial Ownership Secure Search System to the Virtual Integrated Registry Regulatory General Information Network portal. The ITA has confirmed that the new VIRRGIN ES filing portal is in its final stages of preparation and will be deployed for filings due in 2026.
28 Nov 2025
Cayman Islands economic substance reporting: Key deadlines and updates
On 25 November 2025, the Cayman Islands Department for International Tax Cooperation reminded stakeholders that Economic Substance Returns and TRO Forms for entities with a financial year ending 31 December 2023 are due by 31 December 2024.
05 Dec 2024
Amendments to the BVI Beneficial Ownership Secure Search System Act and economic substance reporting regime
The British Virgin Islands Beneficial Ownership Secure Search System Act has been amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2024, which was published in the Gazette on 24 July 2024.
31 Jul 2024
BVI locally resident companies may now apply for exclusion from tax and economic substance reporting
In October 2023, the BVI International Tax Authority reminded the public about a new provision introduced under the International Tax Authority (Amendment) Act, 2023, introduced earlier in 2023, which permits local companies (as defined) to be excluded from certain economic substance tax reporting requirements. In order to qualify, the local company must submit an application for exclusion to the ITA.
29 Jan 2024
BVI economic substance reporting changes and deadlines
Most companies and limited partnerships registered in the BVI have an economic substance “financial period” of 30 June to 29 June. Reports to the International Tax Authority are due within six months of the financial period end, typically falling around the end of the calendar year.
28 Sep 2023
European Commission publishes draft Directive to prevent the misuse of shell entities
On 22 December 2021, the European Commission (EC) published a draft Directive as part of its fight against the use of entities that do not perform any economic activity, so-called shell entities, and which are assumed to be used for improper tax purposes. In spite of representations to the contrary, the EC has specifically stated that this particular initiative is needed notwithstanding the plethora of other initiatives taken over the last few years.
07 Jan 2022
Cayman – ES tax resident overseas/tax resident in another jurisdiction form
The tax resident overseas/tax resident in another jurisdiction (TRO/TRIAJ) form (Form) for a successive reporting period is now available on the DITC Portal, here. The Form for the successive reporting period is based on the form submitted for the previous financial year.
26 Nov 2021
Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance 09 June 2021
Our BVI economic substance team has put together an overview of the process under which we are beginning to see the BVI International Tax Authority (ITA) determining that a BVI company or limited partnership may have been non-compliant with the economic substance regime requirements during the first financial period (typically June 2019 to June 2020, with reporting submitted by December 2020).
09 Jun 2021