The Cayman Islands Enacts Substance Bill After EU Pressure

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On Monday night of last week, the Cayman Islands parliament passed new legislation: International Tax Co-operation (Economic Substance) Bill late alongside two different Bills that will greatly influence the overseas-fiscal related industry on the island.

The Cayman Prime Minister McLaughlin acknowledged that the monetary substance enactment may have a hugely influential population increase on the islands due to the favorable rules; however, said that, without it, the Cayman Islands would be boycotted out of EU favor.