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ARTICLE · 06 FEBRUARY 2023

Bermuda Economic Substance Declaration Filings—February 2023 Alert

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The Economic Substance Act 2018 requires Bermuda-based entities that are carrying on a "relevant activity" in a relevant financial period and entities claiming "non-resident entity" status under the Act to file an Economic Substance Declaration Form …

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The Economic Substance Act 2018 (the "Act")1 requires Bermuda-based entities that are carrying on a "relevant activity" in a relevant financial period and entities claiming "non-resident entity" status under the Act to file an Economic Substance Declaration Form (a "Declaration Form") with the Bermuda Registrar of Companies (the "Registrar"). Such Declaration Forms must be filed annually, within six months of the last day of the entity's financial year. For example, an entity with a financial year-end of 31 December 2022 will be required to file its completed Declaration Form by 30 June 2023.

Relevant Activities

The following are relevant activities, as defined by the Act:

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