In May 2019, Bermuda was included on the “greylist” as a cooperative tax jurisdiction with a number of pending commitments to be implemented before the end of 2019.  Bermuda delivered on these commitments, enhancing its regulatory framework and demonstrating its commitment to good tax governance.

Key amongst the legislative changes were those made to the Investment Funds Act 2006, primarily in relation to regulatory oversight of closed ended investment funds, bringing them within scope of the reporting regime in Bermuda. The economic substance legislation was also revised to ensure equivalency with other 2.2 jurisdictions.

Following on the heels of the Caribbean Financial Action Task Force report issued last month, which recognised Bermuda as a global leader in the fight against financial crime, this whitelisting solidifies Bermuda’s reputation as a leader in global compliance standards.

The revised legislation and regulations introduced significant changes which may impact your Bermuda entities.  If you have any questions on how these changes may impact your entities, please reach out to your usual Appleby contact or a member of the team below.

Key contacts

Tim Faries

Partner: Bermuda

T +1 441 298 3216
E Email Tim

Sally Penrose

Partner, Head of Regulatory: Bermuda

T +1 441 298 3286
E Email Sally

Share
Twitter LinkedIn Email Save as PDF
More News
14 Jan 2022 | News

Bermuda amends Insurance Act to introduce concept of internationally active insurance group

The Insurance Amendment Act 2021 (Act) is the result of the Bermuda Monetary Authority’s (BMA) con...

5 Jan 2022 | News

Bermuda Economic Substance Regulatory Update

In response to work conducted by the European Union’s Code of Conduct Group regarding the tax poli...

20 Dec 2021 | News

Appleby Makes Annual Holiday Donation To Bermuda Star Charity

Appleby’s Bermuda office delivered holiday donations to local charity STAR (Supportive Therapy for...

7 Dec 2021 | News

Appleby Named Official Law Firm Of The Bermuda Sail Grand Prix

Leading offshore law firm Appleby is the Official Law Firm of the Bermuda Sail Grand Prix presented ...

7 Dec 2021 | News

Appleby Bermuda Hires Two New Corporate Lawyers

Leading offshore law firm Appleby is delighted to welcome Katie Blundy and Carl Meyer to its Bermuda...

Contributors: Katie Blundy, Carl Meyer
9 Nov 2021 | News

Two Pupils Join Appleby Bermuda Trainee Programme

Appleby would like to welcome Karim Creary and Kiara Wilkinson to its two-year legal trainee program...

5 Nov 2021 | News

Arielle Desilva Is Called To The Bemuda Bar

Appleby is delighted to announce that Arielle DeSilva was called to the Bermuda Bar on Friday 5 Nove...

29 Oct 2021 | News

Melissa Rodrigues McBeath recognized as a 2021 Rising Star by The Bermudian Magazine

The Bermudian’s 2021 crop of Rising Stars is an impressive group of young people with limitless pa...

26 Oct 2021 | News

Kaisha Wilson Is Called To The Bermuda Bar

Appleby is delighted to announce that Kaisha Wilson was called to the Bermuda Bar on Friday 15 Octob...