Economic Substance Requirements In Bermuda

Bermuda is a well-respected and successful financial centre that is globally recognised for implementing the highest standards of compliance, regulation and transparency. As a leading jurisdiction on tax-transparency, Bermuda has adopted the Organisation for Economic Co-operation and Development (OECD) standards for Base Erosion and Profit Shifting (BEPS), FATCA, Common Reporting Standards (CRS) and Country-by-Country reporting.

In keeping with its commitment to tax transparency, the Government of Bermuda is addressing proposals raised by the EU Code of Conduct Group regarding economic substance. In November 2017 the Premier of Bermuda committed to addressing the proposals relating to economic substance for entities doing business in or through Bermuda and to pass legislation to implement any appropriate changes by 31 December 2018 (Legislative Date).