The British Virgin Islands goverment has approved an extra $150,000 to improve its economic subtance legislation after paying a UK lawyer $400,000 in 2018 to draft the rules. The decision was made during a special Cabinet meeting on December 16 last year. However, the report was only made public now, local news outlet BVINews reports. It said: "Cabinet Decided to approve an additional $150,000 to cover additional work on Economic Substance legislation and related matters and approved an additional payment of $114,485.19 to Messrs. Michael Furness and Jack Rivett for additional work co...
To continue reading this article...
Join International Investment
Signup and gain exclusive members-only insights
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes
