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Private Client & Offshore Services

17 January 2019
Ashley Fife Jurisdiction of substance: Bermuda's economic substance laws

Bermuda - Carey Olsen Bermuda

Many offshore financial centres, including Bermuda, laboured to meet the EU Council's end-of-year deadline to impose economic substance requirements on entities that carry on 'geographically mobile' business activities. For jurisdictions subject to the deadline, failure to introduce substance laws may result in being placed on the EU Council's list of non-cooperative jurisdictions for tax purposes. Bermuda's substance laws ensure that the country maintains its stellar reputation as an international financial centre.

Author: Ashley Fife
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