Overview
Legislation requiring a "relevant entity" conducting
"relevant activity" to report and maintain economic
substance has been introduced in Bermuda.
The Economic Substance Act (2018) (the "ES
Act") came into force on 31 December 2018 and was
amended by the Economic Substance Amendment Act on 28 June 2019 and
by the Economic Substance Amendment (No. 2) Act 2019 on 24 December
2019. The Economic Substance Regulations came into force on 31
December 2018 and were amended by the Economic Substance Amendment
Regulations 2019 on 22 February 2019; the Economic Substance
Amendment (No. 2) Regulations 2019 on 4 March 2019 and the Economic
Substance Amendment (No. 3) Regulations 2019 on 24 December 2019
(collectively, the "ES Regulations" and together with the
ES Act, the "ES Law").
