Jurisdiction Update
The Cayman Islands introduced economic substance legislation through the International Tax Co-operation (Economic Substance) Act to align with international standards on tax transparency and corporate governance. The framework requires certain entities conducting defined business activities to demonstrate adequate economic presence within the Cayman Islands.
The Cayman Islands is widely recognised as an established international financial centre supported by a sophisticated regulatory framework and a stable legal system. Financial services represent a core sector of the jurisdiction’s economy, with the Cayman Islands providing a legal environment used for international investment structures and corporate vehicles.
The Cayman Islands is widely recognised as a major international business centre supported by a stable legal system and a well-established regulatory framework. One defining feature of the jurisdiction is that the Cayman Islands does not impose direct taxes such as corporate income tax, personal income tax, capital gains tax, or withholding tax.
Economic substance has become a more clearly defined compliance topic in Seychelles. The Seychelles Revenue Commission states that changes applying from 16 September 2021 adopted a revised approach for covered companies, including an economic substance test for passive income received from a non-resident.
Seychelles International Business Companies (IBCs) operate within a regulatory framework designed to support international business activities while maintaining transparency and compliance standards. The legal basis for these companies is the International Business Companies Act, 2016, administered by the Financial Services Authority (FSA). (Financial Services Authority Seychelles – International Business Companies Act).
Seychelles has tightened the regulatory environment around cross-border company structures through tax law changes, supervisory guidance, and closer coordination between authorities. The Seychelles Revenue Commission (SRC) states that changes applying from 16 September 2021 adopted a revised approach for covered companies, including an economic substance test for passive income received from a non-resident.
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