This is seen by some as a ‘winner takes all’ race, with the first jurisdiction to attain critical mass and a global reputation as an international arbitration centre standing to dominate the region for decades to come.
If international arbitration continues to see an increase in popularity, there are likely to be opportunities for all three jurisdictions to establish themselves amongst the leading global arbitration centres.
EU-mandated Economic Substance requirements have now come into force in the Crown Dependencies (Jersey, Guernsey and the Isle of Man) and the key British Overseas Territories of Bermuda, BVI and the Cayman Islands. At the time of writing, the efforts of these states have been deemed successful, and none of the relevant jurisdictions is included on the EU's list of non-cooperative jurisdictions, or 'tax haven blacklist'. Controversially, however, the states in question did not devise and enact this legislation willingly, but as a direct result of an EU directive designed to curb "harmful tax competition" in International Finance Centres.
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