As part of the Government of Bermuda’s commitment to addressing and implementing the European Union’s economic substance requirements, the Economic Substance Amendment Regulations 2019 were made on 22 February 2019. These amendments further refine the Economic Substance Regulations which were adopted on 31 December 2018, including making significant changes to the applicability to holding companies.
The economic substance legislation is now in force and if you have Bermuda entities in your structure, it is important to review the economic substance framework to understand how these requirements may affect you.
Appleby can help you navigate and assess the impact the economic substance requirements may have. Our team of lawyers can assist you from initial impact assessment through to compliance and reporting.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.