Cayman Islands Questions OECD’s CIV Definition in its Global Standard
The EU have spoken out about the Cayman Island's government questionable regulations inside its economic substance regime. More specifically regarding the islands problematic exemption for both investment funds and collective investment vehicles (CIVs).
The Cayman Government released a statement, acknowledging that while the country is dedicated to retaining an open dialogue with Europe on tax matters, however stated that the Cayman practices regarding CIVs adheres to the current global standard set by the OECD’s Forum on Harmful Tax Practices. The requirement speaks about economic substance for relevant financial and corporate entities, and does not mention CIVs.