Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 09 JULY 2021

Economic Substance: Bermuda Expands Regime To Include All Partnerships

Appleby
Appleby
Contributor
Appleby

Appleby

Appleby is a leading offshore law firm. The team of legal specialists advise global public and...

View firm profile
Explore more from Appleby

The Economic Substance Amendment Act 2021, which became operative on 30 June 2021, has expanded the scope of the Bermuda economic substance regime to now include all partnerships.

BermudaCorporate/Commercial Law
Timothy Faries
Timothy Faries
Sally Penrose
Sally Penrose
Author LinkedIn connections

The Economic Substance Amendment Act 2021, which became operative on 30 June 2021, has expanded the scope of the Bermuda economic substance regime to now include all partnerships.

WHICH PARTNERSHIPS ARE NOW IN SCOPE?

The scope of the Bermuda economic substance regime has been expanded to include all partnerships including limited partnerships, exempted partnerships, exempted limited partnerships, and registered overseas partnerships. Until the Amendment Act was passed, only partnerships which had elected to have separate legal personality under s4A of the Partnership Act 1902 were within scope of the regime.

WHAT ARE RELEVANT ACTIVITIES?

Partnerships which are engaged in a relevant activity must comply with the economic substance requirements.  Relevant activity means carrying on as a business any one or more of the following: banking; insurance; fund management; financing and leasing; headquarters; shipping; distribution and service centre; intellectual

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Bermuda’s Beneficial Ownership Exemption Order 2026

Bermuda's Beneficial Ownership Amendment Act 2026 introduces significant changes to transparency requirements for legal entities. The new Exemption Order provides relief from central filing obligations for certain qualifying entities, including those held by licensed trustees and investment funds. Understanding eligibility criteria and compliance conditions is essential for affected legal persons operating in Bermuda's regulatory framework.
BermudaCorporate/Commercial Law
Conyers
Conyers
Article

BMA Sets Out Phased Path To A Bermuda Insurance Resolution Regime

The Bermuda Monetary Authority has published a consultation paper outlining the first phase of a resolution regime for the commercial insurance sector, designed to align with international standards. The framework establishes the BMA as the Resolution Authority with five core objectives and defines which insurers will fall within scope. This phased approach raises important questions about governance, recovery planning, and the practical implications for domestic insurers and Internationally Active Insuranc
BermudaInsurance
Appleby
Appleby
Article

The Long Game: How Bermuda Became The World’s Life Reinsurance Capital

Bermuda has emerged as the dominant global hub for life and annuity reinsurance, now holding over $900 billion in US life and annuity liabilities and accounting for 84% of all US reserves ceded offshore. This analysis examines how the island's sophisticated regulatory framework, purpose-built infrastructure, and commercially engaged regulator have created a structural advantage that extends beyond its traditional catastrophe reinsurance roots into long-dated life business from the US, UK, and Asia.
BermudaInsurance
Appleby
Appleby