Update On Bermuda Economic Substance Scope And Filing Requirements

Introduction

Bermuda's economic substance regime has been brought into closer alignment with the regimes implemented by other jurisdictions named in the European Union's Code of Conduct Group's call in 2018 for substance laws. As well as achieving greater uniformity with other jurisdictions, the changes represent welcome clarification of the scope of some of the requirements. In addition, the Registrar of Companies issued the final guidance notes (the "Guidance Notes") after submitting a draft to the industry in July 2019.

The changes reported in this summary were made in by the Economic Substance Amendment (No. 2) Act 2019 and the Economic Substance Amendment (No. 3) Regulations 2019 which became operative on 24 December 2019.