Bermuda Regulatory Outlook 2024

As we enter 2024 the myriad of regulatory changes can appear overwhelming. We are here to help and have set out below some key changes and issues that can impact Bermuda entities. Bermuda has introduced a corporate income tax regime for the first time. The Corporate Income Tax Act 2023 became operative on 1 January 2024 in respect of certain administrative and regulatory provisions. The new tax regime will become effective for tax years beginning on or after 1 January 2025. The legislation is complex and will require careful navigation – especially as guidance notes and regulations are produced in the coming year. It is important to note that we expect the new corporate income tax to apply to a relatively small proportion of Bermuda entities as it will apply only to Bermuda entities that form part of multinational enterprises with annual revenue of €750M or more. More publications on this important topic will follow in 2024.