On 21 March 2025, the Government tabled for debate a bill entitled The Corporate Income Tax (Penalty Provisions) Amendment Act 2025 (the “Amendment Act”) which contains proposed amendments to the Corporate Income Tax Act 2023 (the “Act”). Once the bill is passed into law, the Act, as amended,...
Effective for fiscal years beginning on or after on 1 January 2025, a corporate income tax at the statutory rate of 15% is chargeable to any Bermuda tax resident entity and Bermuda permanent establishment that is part of a Multinational Enterprise Group that has consolidated annual revenue of EUR 750...
Following the OECD-led agreement by over 130 countries to impose a minimum tax rate of 15% on the corporate profits of large multinational enterprise groups (“In-scope MNE Groups”) to be applied in every jurisdiction in which they have a corporate footprint, commonly referred to as...
MJM has acted as lender counsel to Starwood Property Trust and GoldenTree Asset Management on the financing of the Fairmont Southampton Hotel. Completion of the transaction occurred on 19 September 2024. MJM was instructed on behalf of the lenders by Sidley Austin (New York) and Gibson Dunn (Los Angeles). MJM...
MJM has acted as Bermuda counsel to Blackstone Mortgage Trust and KSL Capital Partners as lenders on the refinancing of the Rosewood Bermuda at Tucker’s Point. Completion of the refinancing transaction occurred on 26 April 2024. MJM was instructed on behalf of the lenders by Gibson...
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...
MJM continues to be active in banking litigation matters for several well know banking institutions in Bermuda. As 2023 comes to an end, we look back at some of the most interesting and noteworthy cases decided by the Bermuda courts over the course of the...
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...