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ARTICLE · 15 JULY 2021

Bermuda Economic Substance Amendment Act 2021

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The Bermuda Economic Substance Amendment Act 2021 received Royal Assent on 30 June 2021. This Act amends Bermuda's Economic Substance Act...

BermudaFinance and Banking
Natalie Neto
Natalie Neto
Samantha Kyme
Samantha Kyme
Este Rabey
Este Rabey
Otelia Scott
Otelia Scott
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The Bermuda Economic Substance Amendment Act 2021 received Royal Assent on 30 June 2021. This Act amends Bermuda's Economic Substance Act, 2018 (the "ES Act"), to bring limited partnerships without separate legal personality and overseas partnerships into scope.

Partnerships that are now in scope which are carrying out a specified relevant activity will have six months to comply with the economic substance requirements set out in the ES Act and associated regulations (meaning they must be fully compliant by 30 December 2021).

As a reminder, the following are relevant activities for the purposes of the ES Act:

  • banking
  • insurance
  • fund management
  • financing and leasing

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