Bermuda Corporate And Finance Update Q2 2024

Our corporate team outline the latest developments within the corporate and finance market in Bermuda including Bermuda's Corporate Income Tax Act 2023, Cyber risk management and The Bermuda Monetary Authority's enhancements to its Insurance Regulatory Regime.

Contents

• Introduction to Bermuda's Corporate Income Tax Act 2023
• Cyber risk management
• The Bermuda Monetary Authority enhances its Insurance Regulatory Regime

Introduction to Bermuda's Corporate Income Tax Act 2023

On 27 December 2023, the Corporate Income Tax Act 2023 ("CITA") received governor's assent in Bermuda. The operating provisions of this legislation come into effect on 1 January 2025, and, at such time and for the first time in Bermuda's history, corporate income tax will be chargeable to certain Bermuda-based entities (referred to in CITA as "Bermuda Constituent Entities") for fiscal years beginning on or after 1 January 2025.