Cayman Islands funds: Economic substance notification filings for partnerships
As outlined in Ogier’s recent briefing, the Cayman Islands economic substance regime has recently been expanded, so as to now bring into scope Cayman Islands partnerships. Notwithstanding this expansion, an investment fund structured as a Cayman Islands exempted limited partnership is exempt from the requirement to meet any economic substance test in Cayman, as is any partnership through which an investment fund directly or indirectly invests or operates (which will generally include an exempted limited partnership acting as a general partner of an investment fund). Such partnerships will also be exempt from economic substance reporting obligations.