Q9. Does Bermuda now have a Corporate Income Tax?
Yes. Bermuda enacted the Corporate Income Tax Act 2023 (CITA 2023), imposing a 15% corporate…
Q8. What is the Beneficial Ownership Register in Bermuda?
The Beneficial Ownership Register is a statutory record maintained under the Companies Act 1981, listing…
Q7. What is the deadline for the Bermuda Annual Compliance Filing?
The annual compliance filing must be submitted within 12 months of the entity's financial year-end.…
Q6. How does the Bermuda Economic Substance requirement affect US tax residents specifically?
US tax residents face a dual compliance burden. They must simultaneously satisfy Bermuda's Economic Substance…
Q5. What is a Resident Representative in Bermuda and is it mandatory?
Yes, a resident representative is mandatory for every Bermuda entity subject to the Economic Substance…
Q4. Can Core Income Generating Activities (CIGA) be outsourced outside Bermuda?
No. The Economic Substance Act 2018 explicitly prohibits outsourcing CIGA to service providers, group companies,…
Q3. What happens if a Bermuda entity fails the Economic Substance test?
Failing the Bermuda Economic Substance test triggers serious consequences. For a first instance, the Bermuda…
Q2. Who must comply with the Bermuda Economic Substance Act 2018?
Any entity registered in Bermuda that conducts one or more of the nine relevant activities…
Q1. What are the Bermuda Economic Substance Requirements?
Bermuda Economic Substance Requirements, established under the Economic Substance Act 2018, mandate that all Bermuda-registered…
How do CRS 2.0 changes affect Bermuda investments?
CRS 2.0 expands the reporting framework to include crypto assets and digital investment accounts held…