Latest updates

Changes to Bermuda's prospectus filing requirements
  • Private Client & Offshore Services
  • Bermuda
  • August 22 2013

Recent statutory amendments, introduced by the Companies Amendment Act 2013, mean that Bermuda companies listed on appointed stock exchanges are no longer required to file prospectuses in Bermuda. This amendment is the latest revision to Bermuda corporate law seeking to keep the solid foundations that have served the jurisdiction well for so long.

Family trust disputes
  • Private Client & Offshore Services
  • Bermuda
  • July 18 2013

There has been a significant increase in contentious and non-contentious trust matters arising from family disputes in relation to Bermuda trusts. Most often, these involve wealthy international dynastic families or family corporations. Several recent rulings are of interest to overseas trust practitioners who advise private clients in relation to their dealings with Bermuda trusts.

New dawn for telecommunications regulation
  • Telecoms
  • Bermuda
  • June 12 2013

The Bermuda Regulatory Authority recently ruled on a complaint filed by telecommunications provider Digicel Bermuda stating that internet service provider North Rock Communications Limited was providing bundling services and should not be doing so until integrated communications operating licences are issued. This decision marks the dawn of the practical application of the new telecommunications regulatory regime.

New dawn for telecommunications regulation
  • Private Client & Offshore Services
  • Bermuda
  • June 06 2013

The Bermuda Regulatory Authority recently ruled on a complaint filed by telecommunications provider Digicel Bermuda stating that internet service provider North Rock Communications Limited was providing bundling services and should not be doing so until integrated communications operating licences are issued. The decision marks the dawn of the practical application of the new telecommunications regime.

Mergers: enhanced flexibility in Bermuda companies law
  • Private Client & Offshore Services
  • Bermuda
  • May 23 2013

The previously unavailable concept of mergers has been introduced to the Companies Act as an alternative to the existing amalgamation provision. The amendments have made significant beneficial changes to the act – conveying Bermuda's commitment to business and adaptation to the needs of the global marketplace, while maintaining high standards of corporate governance and reputation as a premier offshore jurisdiction.

Mergers: enhanced flexibility in Bermuda companies law
  • Corporate Finance/M&A
  • Bermuda
  • May 22 2013

The previously unavailable concept of mergers has been introduced to the Companies Act as an alternative to the existing amalgamation provision. The amendments have made significant beneficial changes to the act – conveying Bermuda's commitment to business and adaptation to the needs of the global marketplace, while maintaining high standards of corporate governance and reputation as a premier offshore jurisdiction.

Insurance-linked securities take off in Bermuda
  • Insurance
  • Bermuda
  • April 23 2013

Bermuda is emerging as a leader in the global insurance-linked securities market, just three years after such securities were first listed on the Bermuda Stock Exchange. The island will further make its mark on the world stage when it hosts the global insurance-linked securities conference in November 2013. Moreover, there are good reasons to anticipate that this market will continue to grow in Bermuda.

Insurance-linked securities take off in Bermuda
  • Private Client & Offshore Services
  • Bermuda
  • April 18 2013

Bermuda is emerging as a leader in the global insurance-linked securities market, just three years after such securities were first listed on the Bermuda Stock Exchange. The island will further make its mark on the world stage when it hosts the global insurance-linked securities conference in November 2013. Moreover, there are good reasons to anticipate that this market will continue to grow in Bermuda.

New licensing and supervisory regime enhances efficiency of incorporation process
  • Company & Commercial
  • Bermuda
  • March 18 2013

The Bermuda Corporate Service Provider Business Act 2012 recently came into effect. This legislation establishes a new licensing and supervisory regime for professional corporate service providers, which act as agents for the formation of corporate entities and provide corporate secretarial services. The changes will facilitate the formation of new companies and partnerships.

New licensing and supervisory regime enhances efficiency of incorporation process
  • Private Client & Offshore Services
  • Bermuda
  • March 14 2013

The Bermuda Corporate Service Provider Business Act 2012 recently came into effect. This legislation establishes a new licensing and supervisory regime for professional corporate service providers, which act as agents for the formation of corporate entities and provide corporate secretarial services. The changes will facilitate the formation of new companies and partnerships.

Newly elected government scraps term limit policy
  • Immigration
  • Bermuda
  • February 15 2013

The Bermuda government has decided that its Measures to Inhibit Long-Term Residency policy (more commonly known as the 'term limit policy') is to be cancelled, effective immediately. Home Affairs Minister Michael Fahy called the policy a "barrier to job creation", and the government stated that ending the policy is intended to encourage economic growth and job opportunities for Bermudians.

Newly elected government scraps term limit policy
  • Private Client & Offshore Services
  • Bermuda
  • February 14 2013

The Bermuda government has decided that its Measures to Inhibit Long-Term Residency policy (more commonly known as the 'term limit policy') is to be cancelled, effective immediately. Home Affairs Minister Michael Fahy called the policy a "barrier to job creation", and the government stated that ending the policy is intended to encourage economic growth and job opportunities for Bermudians.

Trusts Special Provisions Act 1989 outlined
  • Private Client & Offshore Services
  • Bermuda
  • January 17 2013

The Trusts Special Provisions Act gives Bermuda the ultimate competitive advantage, affording it almost unlimited opportunities to compete with other jurisdictions in providing unique trust solutions to fit complex requirements. All that is needed now is a return to legal creativity in the drafting and establishment of purpose trusts in order to realise that competitive advantage.

Bermuda enhances tax transparency regime
  • Private Client & Offshore Services
  • Bermuda
  • December 20 2012

Bermuda has signed tax information exchange agreements with both Brazil and Singapore. The agreements seek to establish effective information exchange systems with the two countries with respect to tax matters. The agreements also support one of the key objectives of the Organisation for Economic Cooperation and Development: to promote the enforcement of tax laws.

Liberalisation of foreign investment in Bermuda
  • Private Client & Offshore Services
  • Bermuda
  • November 15 2012

A recent amendment to the Companies Act 1981 has removed a significant impediment to foreign investment in Bermuda. This liberalisation is a major step in Bermuda's attempt to stimulate economic growth by offering an opportunity for foreign investors to participate in its development. It is also further evidence of the modernisation of the legal and regulatory regime, which the government seems ready to support and encourage.

The estate consequences of same-sex relationships
  • Private Client & Offshore Services
  • Bermuda
  • May 17 2012

Same-sex couples who have entered into a marriage or civil union/partnership abroad should be aware that such 'marriages' will likely not be recognised in Bermuda – and that will have an impact on their estate planning. Such couples should take care to clarify and protect their rights and the rights of surviving spouses in Bermuda.

Companies Amendment Act aims to attract more international business
  • Company & Commercial
  • Bermuda
  • March 26 2012

Among other things, the Companies Amendment (No 2) Act 2011 provides for greater flexibility in corporate administration, simplifies the requirements for the electronic transfer of securities and introduces the previously unavailable concept of mergers as an alternative to other business acquisition models. It is hoped that these changes will enhance Bermuda's edge over rival offshore jurisdictions.

Companies Amendment Act aims to attract more international business
  • Private Client & Offshore Services
  • Bermuda
  • March 22 2012

The Companies Amendment (No 2) Act 2011 has come into effect. Among other things, the act provides for greater flexibility in corporate administration, simplifies the requirements for the electronic tranfer of securities and introduces the previously unavailable concept of mergers as an alternative to other business acquisition models.

Act improves Bermuda's company law
  • Company & Commercial
  • Bermuda
  • February 06 2012

The Senate recently passed the Companies Amendment (Number 2) Act. The act updates and improves Bermuda's company law and provides, among other benefits, the opportunity for simplified management and operation of companies and an enhanced choice of corporate structures for mergers and acquisitions – all of which are aimed at making Bermuda a more attractive and competitive jurisdiction.

Act improves Bermuda's company law
  • Private Client & Offshore Services
  • Bermuda
  • February 02 2012

The Senate recently passed the Companies Amendment (Number 2) Act. The act updates and improves Bermuda's company law and provides, among other benefits, the opportunity for simplified management and operation of companies and an enhanced choice of corporate structures for mergers and acquisitions – all of which are aimed at making Bermuda a more attractive and competitive jurisdiction.