The Cayman Islands government has released revised guidance on the economic substance requirements applying to entities in the jurisdiction.

The main revision is that the economic substance law now applies to all entities registered with the general registry. The original version applied only to 'relevant entities', defined in the International Tax Co-operation (Economic Substance) (Amendment) Bill, 2019 as an entity carrying on a relevant activity, and that is not a domestic company, an investment fund or an entity that is tax-resident outside of the Cayman Islands. ...