Bermuda Government

Teressa Macbeth

In response to the global Covid-19 outbreak, the Bermuda Registrar of Companies issued a notice on 20 March, 2020 in respect of Bermuda companies’ compliance obligations pursuant to the Economic Substance Act 2018 (the “Act”). All in-scope companies are still required to comply with the provisions...

Jeremy Leese

Recently, Bermuda was placed on the European Union’s list of non-cooperative jurisdictions for tax purposes. It is the Bermuda Government’s view that the jurisdiction is compliant with EU’s economic substance requirements by way of the Economic Substance Act 2018 and the Economic Substance Regulations 2018 passed into law last December, with all necessary amendments to address EU concerns having been completed before the decision was taken.

Jeremy Leese

The Economic Substance Act 2018 (the “Economic Substance Act”) was tabled on 7 December 2018 and, following revisions, again on 17 December 2018.

Background

In November 2017, the Government of Bermuda made a commitment to the Code of Conduct Group (Business Taxation) (the “COCG”) of the Council of the EU to address concerns relating to economic substance. Bermuda agreed to pass legislation to implement any appropriate changes by 31 December 2018 to avoid being put on an EU list of non-cooperative tax jurisdictions.

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.

Jeremy Leese
The Digital Asset Business Act 2018 (the “DAB Act”) became operative on 10th September 2018, creating a legislative framework for digital asset business and services to operate within a regulated environment in or from within Bermuda. Digital assets are defined as anything that exists in binary format and comes with the right to use it and includes a digital representation of value that:

Denis de Frias
In a post from 2017, we discussed how it was expected that Land Title Registration would go live in 2018. Since then, several important steps have been taken toward bringing the land title registration regime to Bermuda. The Land Title Registration Amendment Act 2018 has been passed both by Parliament and the Senate and is expected to be given Royal Assent very soon. This will then enable the Land Title Registry Office to begin accepting applications for voluntary registration. In this post, we have taken the opportunity to interview Land Title Registry Officer, Tim Stewart, to ask him all about voluntary registration, what the application procedure is, how long it is expected to take and cost, etc. See below our questions and Tim’s answers.