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Bermuda Confident of Removal from EU List
Recently, Bermuda was placed on the European Union’s list of non-cooperative jurisdictions for tax purposes. It is the Bermuda Government’s view that the jurisdiction is compliant with EU’s economic substance requirements by way of the Economic Substance Act 2018 and the Economic Substance Regulations 2018 passed into law last December, with all necessary amendments to […]
Bermuda’s Economic Substance Requirements
The Economic Substance Act 2018 (the “Economic Substance Act”) was tabled on 7 December 2018 and, following revisions, again on 17 December 2018. Background In November 2017, the Government of Bermuda made a commitment to the Code of Conduct Group (Business Taxation) (the “COCG”) of the Council of the EU to address concerns relating to […]
Court Of Appeal Backs Former Chief Justice’s Ruling in Same Sex Marriage Case
In an important decision for Bermuda, the Court of Appeal has supported a decision of the Supreme Court made by Former Chief Justice Ian Kawaley in Ferguson et al v Attorney General in June 2018 which held that certain aspects of the Domestic Partnership Act 2018 (the “DPA”) are unconstitutional. We previously told you about […]
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 […]
Digital Asset Business Act comes into force
The Digital Asset Business Act 2018 (the “DAB Act”) became operative on 10th September 2018, creating a legislative framework for digital asset business and services to operate within a regulated environment in or from within Bermuda. Digital assets are defined as anything that exists in binary format and comes with the right to use it […]
Changes in Bermuda’s Supreme Court
There have been some important changes in the Supreme Court of Bermuda in the months of June and July of this year. Chief Justice Ian Kawaley stepped down in mid-July and was given much praise for his contributions to jurisprudent in Bermuda at a Special Sitting of the Bermuda Bar on 13 July. Mr Justice […]
New Land Title Registration Scheme: Q&A with Tim Stewart, Land Title Legal Officer
In a post from 2017, we discussed how it was expected that Land Title Registration would go live in 2018. Since then, several important steps have been taken toward bringing the land title registration regime to Bermuda. The Land Title Registration Amendment Act 2018 has been passed both by Parliament and the Senate and is expected […]
Bermuda Banking on Fintech Boom
In a recent announcement, the Premier of Bermuda, David Burt, who is also Minister of Finance, made it clear that his intention is for a “new class of bank” to come to Bermuda, with legislation on the way to create new services to cater to Bermuda-based FinTech companies. This was due to the island’s fledgling […]
Bermuda Continues to Develop Digital Assets Legislative Framework
Hot on the heels of the Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (the “ICO Act”), which seeks to introduce a statutory framework for initial coin offerings (“ICOs”) and has now passed both the House of Assembly and the Senate, comes the tabling of the Digital Asset Business Act 2018 (the “DAB […]
Bermuda Launches ICO and Digital Assets Legislative Framework
During April 2018, the Government of Bermuda tabled the Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (the “ICO Act”), introducing a statutory framework for initial coin offerings (“ICOs”). By implementing this new legislation, the Bermuda Government is hoping to lay the foundation for the jurisdiction to become a leading global blockchain […]
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