With the introduction of economic substance requirements in a number of offshore jurisdictions, economic substance and local taxation matters have become increasingly important in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey and Jersey.
To help businesses ensure compliance with economic substance requirements, our teams conduct substance audits on existing structures, procedures and documents to help identify any issues both in terms of an initial audit of compliance and on an ongoing basis.
We work closely with businesses to provide practical and privileged advice and tailored solutions to help remedy any gaps or other issues that could prevent compliance with economic substance requirements.
We have also developed a set of tools for clients to ascertain whether the economic substance requirements could apply to their businesses. To access these tools and our jurisdictional-specific substance resources or to learn more about our taxation and economic substance services, please select the relevant jurisdiction from the panel below.
As well as providing substance guidance, our lawyers also deliver practical and privileged advice to clients on a range of other taxation matters, including tax residence, income tax, FATCA, the OECD’s Common Reporting Standard (CRS) and tax disputes.
To find out more about how we can help, please contact one of our taxation and economic substance lawyers.
Our jurisdictions and economic substance tools
Recent video briefings
Carey Olsen People Behaviour and Governance podcast series: episode three
The Carey Olsen People, Behaviour and Governance podcast series is a series of podcasts lead by partner Huw Thomas. We speak to subject matter experts from across the firm and other companies to discuss topics relating to people, behaviour and governance in an offshore context.
The third episode in the series looks at challenge. Huw is joined by Sian Dalrymple, group chief risk officer at Crestbridge, and Jason Laity from 80Twenty consultancy to discuss:
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The importance of challenge in a people and governance context particularly at board level; and
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The broader role challenge plays in managing behavioural risk
With a particular focus on directors and non-executive directors, Huw, Sian and Jason will discuss how to improve and manage challenge in organisations, including the importance of ensuring that challenge plays a part in decision-making and the part that coaching plays in enabling board members to create a safe and positive challenge culture.
Carey Olsen People behaviour and governance podcast series: episode two
The Carey Olsen People, Behaviour and Governance podcast series is a series of podcasts lead by partner Huw Thomas. We speak to subject matter experts from across the firm and other companies to discuss topics relating to people, behaviour and governance in an offshore context.
The second episode the series looks at governance – in particular something which is currently dominating the financial services governance scene in Jersey – the changes to Jersey's AML regime which are in the process of being made to take account of Jersey's Moneyval evaluation,
In this epiosde, Huw is joined by Carey Olsen market leading experts, partner Robert Milner and counsel Oliver Lindop. With these changes being the most significant in the Jersey AML landscape since the inception of the AML regime in 1999, Huw, Robert and Oliver will cover the key issues and changes, what they mean in practice and what actions financial services organisations and non executive directors should be taking.
Introducing the Carey Olsen people behaviour and governance podcast series
We are delighted to introduce the Carey Olsen people behaviour and governance podcast series.
Partner Huw Thomas speaks to subject matter experts from across the firm and other companies to discuss topics relating to employment, people, behaviour and governance in an offshore context.
The first podcast in the series looks at neurodiversity in the workplace.
Huw is joined by Helen Allenet from Ocorian and Melissa Chester from 80Twenty to discuss key issues surrounding neurodiversity in the workplace, including what we mean when we talk about neurodiversity, some of the challenges which face employees and candidates who are neurodivergent and what employers, managers and colleagues can do support and include neurodivergent individuals in the workplace.
Key takeaways from day 3 of the Bermuda Tech Summit 2021
Partner Steven Rees Davies provides a summary of the key points from the final day of the Bermuda tech Summit 2021.
The day 3 agenda included sessions on the following topics:
- Risk vs. Reward – The Potential Transformation Power of Decentralized Finances (DeFI)
- Non-Fungible Tokens (NFT) – Hyped Up Fad or Revolutionary Shift?
- Transformation of the Traditional Business Model – A Bermuda Perspective
- Don’t DABle
- The Prism of Views
- The Transformation of Value Exchange
Hosted by the Bermuda Business Development Agency, this year's Bermuda Tech Summit was held virtually from 13 – 15 October. Carey Olsen is proud to be a silver sponsor of the event, which also saw Steven appearing as a panellist for a discussion around Bermuda's future digital infrastructure, while counsel Sheba Raza moderated a panel session on tech investment trends and the private wealth sector.
View our round up of days 1 and 2 using the links below:
- Key takeaways from day 1 of the Bermuda Tech Summit 2021
- Key takeaways from day 2 of the Bermuda Tech Summit 2021
For further reading and information on our services and experience please visit our Crypto and Blockchain or Fintech and Regtech sections of our website, or contact Steven and Sheba to set up a call.
Key takeaways from day 2 of the Bermuda Tech Summit 2021
The second day of the Bermuda Tech Summit 2021 took place on Thursday 14 October with a programme of presentations, Q&A and breakout sessions. In the video above, partner Steven Rees Davies provides a summary of the key points from the day. The agenda included sessions titled:
- Cutting Edge Innovation in Bermuda
- The Underwriter of the Future
- Bermuda’s Digital Asset Business Act
- Living, Employed and Deployed in Tech Central
- ESG & Tech – The Evolution of Sustainable Development
- Tech Investment Trends and the Private Wealth Sector
- Digital Identity – Fundamental to the Transformation of Financial Services
Hosted by the Bermuda Business Development Agency, this year's Bermuda Tech Summit was held virtually from 13 – 15 October. Carey Olsen is proud to be a silver sponsor of the event, which also saw Steven appearing as a panellist for a discussion around Bermuda's future digital infrastructure, while counsel Sheba Raza moderated a panel session on tech investment trends and the private wealth sector.
View our round up of days 1 and 3 using the links below:
- Key takeaways from day 1 of the Bermuda Tech Summit 2021
- Key takeaways from day 3 of the Bermuda Tech Summit 2021
For further reading and information on our services and experience please visit our Crypto and Blockchain or Fintech and Regtech sections of our website, or contact Steven and Sheba to set up a call.
Key takeaways from day 1 of the Bermuda Tech Summit 2021
Partner Steven Rees Davies provides a summary of the key points from the first day of the Bermuda tech Summit 2021 which took place on Wednesday 13 October 2021 and included presentations, Q&A and breakout sessions on the following topics:
- From Tall Ships to Digital Assets: Bermuda’s Journey to Becoming a Blockchain Nation
- Transforming the Regulatory Landscape
- Why Institutions Need to Get Serious About Cryptocurrencies
- The Future of Data: The Modern Data Estate
- Bermuda’s Future Digital Infrastructure
- Bermuda: Silicon Valley of the Atlantic
Hosted by the Bermuda Business Development Agency, this year's Bermuda Tech Summit was held virtually from 13 – 15 October. Carey Olsen is proud to be a silver sponsor of the event, which also saw Steven appearing as a panellist for a discussion around Bermuda's future digital infrastructure, while counsel Sheba Raza moderated a panel session on tech investment trends and the private wealth sector.
View our round up of days 2 and 3 using the links below:
- Key takeaways from day 2 of the Bermuda Tech Summit 2021
- Key takeaways from day 3 of the Bermuda Tech Summit 2021
For further reading and information on our services and experience please visit our Crypto and Blockchain or Fintech and Regtech sections of our website, or contact Steven and Sheba to set up a call.