The Economic Substance Amendment Act 2021 was enacted on 30 June
2021, expanding the categories of entities that are now in scope of
the Economic Substance Act. The amendments bring into scope all
types of partnerships, including those partnerships that have not
elected to have separate legal personality.
Previously, only those partnerships that elected to have
separate legal personality were in scope of the economic substance
requirements (in addition to Bermuda companies, permit companies
and LLCs). However, with these amendments, all partnerships to
which the Partnership Act 1902 applies, along with all limited
partnerships, exempted partnerships and overseas partnerships (in
each case, being partnerships that are carrying on a relevant
activity) will now be required to satisfy the economic substance
requirements, irrespective of whether such partnerships have
elected separate legal personality.
