Recent amendments to the Companies Act and regulatory framework that may impact your business operations in Bermuda Bermuda has undergone significant enhancements in its commercial (re)insurance supervision and regulatory regime, driven by industry consultations and market testing led by the Bermuda Monetary Authority (BMA). These enhancements particularly impact commercial (re)insurers in the long-term space, resulting […]

Scrutiny on offshore transactions and their participants is at an all-time high. Through an ever growing number of regulations and laws, parties to transactions and third party providers from banks to corporate service providers are required to gather and, in some circumstances, share information with governments and regulatory authorities.     For the underlying officers and […]

Bermuda has recently announced an update to its economic substance requirements for non-resident entities. The update states that entities claiming an exemption from these requirements must now meet certain criteria to be considered eligible.

FATCA: BVI, Bermuda and Cayman Islands – The IRS has provided for an extension of time for Model 1 IGA jurisdictions to provide their 2019 FATCA data to the United States competent authority. Currently the deadline…

NEW Cayman Islands CRS Compliance Form…

Bermuda entities that are tax resident in another jurisdiction may now seek an exemption from economic substance requirements. On Friday, 28 June 2019 Bermuda adopted the Economic Substance Amendment Act 2019, which creates an exemption for entities registered in Bermuda that are tax resident in an acceptable jurisdiction. The amendment brings Bermuda’s economic substance legislation in line with other jurisdictions, including the BVI and the Cayman Islands, whose economic substance legislation already includes this exemption.

In response to increasing pressure from the EU and the OECD, and to avoid being placed on the EU Council’s list of non-cooperative jurisdictions for tax purposes, each of Bermuda, BVI and Cayman have introduced economic substance legislation (ES Legislation) effective 1 January 2019 to satisfy such requirements.

The ES Legislation varies slightly by jurisdiction based on differences between each jurisdiction’s economies, legal framework and understanding and interpretation of the EU and OECD’s expectations. Marbury has prepared a brief comparison and overview relating to the similarities and differences in respect of each of Bermuda, BVI and Cayman Islands for your reference.

Further to our client update of 21 December 2018 we have put together a brief overview of the new legislation now it has come into force.

The Bermuda Government has extended the transitional deadline from 24 September 2018 to 15 December 2018 regarding Bermuda’s introduction of beneficial ownership registers.

Recent legislation changes in Bermuda see the increase to certain fees from 1 April 2018 and the formal introduction of a Register of Beneficial Owners.