The EU Economic & Financial Affairs Council placed BVI in a list of countries with concerns however were actively working to resolve them. Appropriately, the BVI Government made a commitment to implement reforms by the end of 2018 to ensure that BVI businesses have adequate economic substance.

Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.

The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018.

The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.