The Bermuda legislature approved the Beneficial Ownership Amendment Act 2025 (the “BO Amendment Act”) in mid-December. Under section 16 of the Beneficial Ownership Act 2025 (the “principal Act”) a person is prohibited from becoming a beneficial owner of a legal person without the approval of the...
The recent enactment of the Tax Credits Act 2025 (the “Act”) moves Bermuda from principle to practice, operationalising a key proposal in the Bermuda Tax Reform Commission's Final Report. The Commission’s vision for a modern, investment-friendly business environment — one that incentivises tangible, on-Island economic activity — is now codified in...
In late September 2025, on cue with the changing of the seasons, The Beneficial Ownership Act 2025 (the “Act”) was passed into law. The Act provides the legislative framework for the establishment of an electronic central register of beneficial ownership information of legal persons (the...
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...
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...
On 28 July 2023, judgment was handed down judgment in an application by the joint provisional liquidators (“JPLs”) of Northstar Financial Services (Bermuda) Ltd. and Omnia Ltd. (together the“Companies”) to resolve questions regarding the operation of segregated accounts. The use of segregated accounts in Bermuda is...