Tax Residency Change to Economic Substance Act
The Economic Substance Act 2018 (the “Economic Substance Act”) was established in direct response to concerns raised by the Council of the European Union concerning the absence of economic substance…
New Draft Bermuda Plan In Operation
On 3 December 2018, the Department of Planning released the Draft Bermuda Plan 2018 (the “Draft Plan”), which became operational on the same date. The Draft Plan details the land use zonings and policies, which the Department of Planning uses to review and assess planning applications. While being operational, the Draft Plan is still in […]
The Law of Meetings
The fundamental principles of the law of meetings are sometimes over-looked in the modern climate of unanimous written shareholder resolutions, comprehensive retrospective ratifications, and the liberal application of the “Duomatic principle”. The decision in East Asia Company Limited -v- PT Satria Tirtatama Energindo in the Bermuda Court of Appeal provides a salutary reminder that the […]
Land Title Registration Regime is Up and Running
Following indications given last year, the Land Title Registration regime went live on 27 August 2018 when certain triggers for compulsory registration were enacted. The triggers enacted are: (a) Conveyance on sale, (b) Granting (or the Assignment) of a Lease for a term of 21 years or more, (c) Mortgage and (d) Conveyance by Court […]
Notable Bermuda Trust Decisions of 2018
In the Matter of the X Trusts [2018] SC (Bda) 56 Civ (12 July 2018) The trustees in this case are private trust companies which have for some years been responsible for managing trusts which control underlying assets worth billions of dollars. The beneficiaries fall into two family camps – the Y and Z branches. […]
2018 Throne Speech: A Brief Summary of the Parliamentary Agenda
The Government’s legislative agenda unveiled during the Speech from the Throne delivered on the convening of Parliament on Friday 9 November 2018 announced its priorities to continue the “diversification of Bermuda’s economy, the growth of new sectors of industry and the measures required to facilitate the continued growth in tourism.” The predominant focus is articulated […]
Fozeia Rana-Fahy Recognized as Citywealth 2018 IFC Powerwomen Top 200
Fozeia Rana-Fahy For a fourth year, MJM Director, Fozeia Rana-Fahy has been named as a Powerwoman on the Top 200 International Powerwomen list by Citywealth. The list honours 200 of the most powerful women in government, private wealth, education, private client advisory and philanthropy across the international financial centres (IFCs). The IFC Powerwomen Top 200 […]
Commercial Contract Disputes – “No Oral Modification” Clause
The UK Supreme Court has recently confirmed that contractual provisions which restrict the parties from modifying an agreement orally are binding and enforceable. These provisions are more commonly known as a ‘No Oral Modification Clause’ (“NOM Clause”).
Bermuda Gears Up For On-Island Evaluation
For a number of years, the international financial services sector has contributed the greatest amount to the Bermuda economy. According to the National Economic Report published by the Ministry of Finance, international business provided $1.68 billion in total output or 27.3 per cent of total GDP in 2016. It is critical for Bermuda’s economic well-being […]
Caution: Mutual Wills and Mirror-Image Wills are not the same thing!
I am sometimes instructed by a married couple that they want to create “mutual wills”. Generally I shudder at the thought and suggest that really what they might be after are “mirror-image” or reciprocal wills and then I proceed to explain the difference. I have only had one set of clients execute mutual wills after […]
Probate: Do I have to?
With a surprising degree of frequency I meet with clients to initiate the probate process many years after the death of a loved one. Often the catalyst is an attempt to sell a piece of real estate, at which time they learn that they have no authority to sell because dad’s estate or grandma’s estate […]
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