Following the implementation of the Economic Substance Act 2018 (the “Act”), which came into force in January 2019, the BVI  International Tax Authority (ITA) published the Rules on Economic Substance in the Virgin Islands (“Rules”), which replace the draft version of the Economic Substance Code (“Draft Code”) that was released on April 2019.

The Rules will take effect on the date when the Beneficial Ownership Secure Search System (Amendment) (No. 3) Act, 2019 comes into effect, which is expected to be shortly.

You can access the “Rules” through this link.

Note: If you don’t have BVI companies, please ignore this message.