The European Union (EU) Code of Conduct Group’s economic substance requirements came in legislation in certain non-EU jurisdictions at the beginning of 2019.

These jurisdictions included Guernsey, Jersey, the Isle of Man, British Virgin Islands (BVI), Cayman Islands and Bermuda.

Colin Bird, Isle of Man based-partner at global advisory, administration and family office firm Maitland, explained most jurisdictions have issued guidance notes recently to help interpret the substance legislation but the guidance “remains incomplete in many cases, remaining a challenge for both authorities and practitioners to know how to ...