Tax residency of companies in the BVI

On December 4^th, 2018, the Government of the British Virgin Islands announced the approval of a bill introducing a requirement for companies to have an «economic substance». These changes should enter into force on December 31^st, 2018.

In addition, each registration agent will be required to establish the tax residency of the companies and, if necessary, transfer this information to the competent authorities in the BVI. If the company is a tax resident of the BVI, then it will have to demonstrate its «economic substance».

Also, companies engaged in banking, insurance, stock, holding, distribution activities and activities related to intellectual property will be required to conduct activities with BVI.

On materials of the following website: http://www.bvi.gov.vg/media-centre/bvi-government-plans-legislation-address-eu-concerns-economic-substance?fbclid=IwAR2cL5Mft3zko4J_ZpLhthM0xP9v9mLPgGxF-GBI3G3JKNZ4q7TlgMlD4A0