Offshore centres brace for the impact of substance legislation

Pedro Gonçalves
clock • 3 min read

As jurisdictions across the globe rushed to implement economic substance legislation in order to avoid being put on the EU's blacklist, the financial sector is getting ready for the impact those new rules will have on the offshore industry. The BVI government has estimated that the substance legislation will lead to a 10% to 20% reduction in financial services business, which accounts for more than half of the territory's public revenue. "Why do we keep trying to please these people?" opposition member Archibald Christian asked, referring to the European Union, according to local news...

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