Over the years, Bermuda has grown to become a part of the world’s interdependent financial system and this has had its consequences as the island looks to continue to compete on the world stage. Regulatory requirements have increased, both in law and in practice, around...
Following rounds of consultation with the public and affected industry stakeholders, the Bermuda Government on 8 December 2023 tabled historic legislation with the laying of the Corporate Income Tax Act 2023 (the “Act”). The corporate income tax rate has been set at 15%. It will be effective...
Jason Hayward, the Minister of Economy and Labour, recently released Bermuda's economic development strategy for 2023 – 2027 (the “EDS”). The document consolidates initiatives underway to drive economic growth and investment in the country, aiming to create a more diversified economy through policies that build...
The economic substance regime has now been in place for four years. As such, there have now been three cycles of annual economic substance declaration (“Declaration”) filings made with the Registrar of Companies by entities in scope of the economic substance requirements. The information collected...
The Registrar of Companies has issued notice that with effect from 30 January 2023, the Economic Substance Guidance Notes (the “Guidance Notes”) have been revised to implement guidance issued by the OECD Forum on Harmful Tax Practices in relation to entities making a claim to...
On 4 November, the Deputy Governor Tom Oppenheim (in the absence of the Governor Her Excellency Rena Lalgie) delivered the annual Throne Speech. This speech, in line with custom and tradition, marked the opening of a new parliamentary year and set out details of the Bermuda...
Bermuda was removed from Annex II of the European Union (“EU”) list of non-cooperative tax jurisdictions (also referred to as the EU “grey list”) at the 4 October 2022 meeting of the the Council of the European Union. In announcing the removal, the European Council confirmed that...
For over 50 years, Bermuda has been a jurisdiction of choice for shipping groups from an incorporation and a financing perspective. The shipping market in Bermuda has been characterised by a number of listings of Bermuda-incorporated shipping and shipping-related companies on the Euronext NOTC, Euronext Expand...