Author: Brian Holdipp

Brian Holdipp

Following on from the Government’s commitment to harmonize Bermuda’s economic substance regime with that of other major offshore jurisdictions, the Economic Substance Amendment (No. 2) Act 2019 (the “ESA Amendment Act”) was tabled on 29 November 2019. The ESA Amendment Act, together with anticipated revised Economic Substance Regulations (the “Regulations”, which it is understood should...

Brian Holdipp
For a number of years, the international financial services sector has contributed the greatest amount to the Bermuda economy.  According to the National Economic Report published by the Ministry of Finance, international business provided $1.68 billion in total output or 27.3 per cent of total GDP in 2016. It is critical for Bermuda’s economic well-being then, that the Island remains in step with international standards set by supra-national regulatory authorities to protect the jurisdiction’s financial system from abuse.

Brian Holdipp
The vast majority of partnerships on the Bermuda registry are said to be private or closed-end funds. Hailed as an important part of the government’s efforts to achieve growth in the asset management area, amendments have been made to partnership and company legislation to enhance the flexibility and efficiency of Bermuda exempted and limited partnerships and to boost the desirability to use Bermuda as a jurisdiction to establish private equity funds and asset-holding structures.