Latest updates
CESRA: economic substance reporting deadline extension
Lennox Paton- Corporate Tax
- Bahamas
- 22 January 2021
The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January 2021.
CESRA: economic substance reporting deadline extension
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 21 January 2021
The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January 2021.
New legislation aims to promote proper use of environment
Lennox Paton- Environment & Climate Change
- Bahamas
- 07 December 2020
In December 2019 Parliament passed a package of environmental bills geared towards developing, reinforcing and strengthening the laws which promote and support the management, protection, enhancement and proper use of the Bahamian environment. This article provides an overview of the Environmental Planning and Protection Act and the Environmental Impact Assessment Regulations.
New legislation aims to promote proper use of environment
Lennox Paton- Real Estate
- Bahamas
- 04 December 2020
In December 2019 Parliament passed a package of environmental bills geared towards developing, reinforcing and strengthening the laws which promote and support the management, protection, enhancement and proper use of the Bahamian environment. This article provides an overview of the new legislation, including the Environmental Planning and Protection Act, which is one of the most notable new laws with respect to Bahamian real estate and development.
New legislation aims to promote proper use of environment
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 03 December 2020
In December 2019 Parliament passed a package of environmental bills geared towards developing, reinforcing and strengthening the laws which promote and support the management, protection, enhancement and proper use of the Bahamian environment. This article provides an overview of the Environmental Planning and Protection Act and the Environmental Impact Assessment Regulations.
COVID-19: force majeure and contract frustration
Lennox Paton- Corporate & Commercial
- Bahamas
- 05 October 2020
The COVID-19 pandemic has disrupted commercial activity on a global scale, challenging contracting parties' ability to fulfil their legal obligations. Force majeure clauses and frustration principles may provide some relief to those which may otherwise incur liability because of non-performance. However, there does not appear to be any clear case law precedent for COVID-19, so it is uncertain whether the pandemic will be deemed a frustrating event by the courts.
COVID-19: force majeure and contract frustration
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 01 October 2020
The COVID-19 pandemic has disrupted commercial activity on a global scale, challenging contracting parties' ability to fulfil their legal obligations. Force majeure clauses and frustration principles may provide some relief to those which may otherwise incur liability because of non-performance. However, there does not appear to be any clear case law precedent for COVID-19, so it is uncertain whether the pandemic will be deemed a frustrating event by the courts.
Guide to purchasing property in The Bahamas
Lennox Paton- Real Estate
- Bahamas
- 28 August 2020
A second home in The Bahamas has been a highly sought-after commodity for international buyers from time immemorial. The Bahamas is an archipelagic nation of 700 islands and cays, with each island providing its own charm and unique Bahamian culture. As the value of real property in the jurisdiction tends to hold or gradually appreciate over time, the purchase of real property remains a viable and attainable wealth-creating mechanism.
Guide to purchasing property in The Bahamas
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 27 August 2020
A second home in The Bahamas has been a highly sought-after commodity for international buyers from time immemorial. The Bahamas is an archipelagic nation of 700 islands and cays, with each island providing its own charm and unique Bahamian culture. As the value of real property in the jurisdiction tends to hold or gradually appreciate over time, the purchase of real property remains a viable and attainable wealth-creating mechanism.
Tax consequences of transferring Bahamian real property held by a company for estate planning
Lennox Paton- Real Estate
- Bahamas
- 24 July 2020
Bahamian real property is commonly held by a company which is incorporated in The Bahamas or another jurisdiction whose shares may be held by an individual or their nominee. A 'beneficial owner' is any person who is beneficially interested in the real property, including a beneficiary under a trust. This article considers the tax consequences of transferring Bahamian real property held by a company for estate planning purposes.
Tax consequences of transferring Bahamian real property held by a company for estate planning purposes
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 23 July 2020
Bahamian real property is commonly held by a company which is incorporated in The Bahamas or another jurisdiction whose shares may be held by an individual or their nominee. A 'beneficial owner' is any person who is beneficially interested in the real property, including a beneficiary under a trust. This article considers the tax consequences of transferring Bahamian real property held by a company for estate planning purposes.
COVID-19: summary of legislation enacted in relation to corporate regulations and businesses
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 04 June 2020
In response to the COVID-19 pandemic, the governor general declared a public state of emergency and implemented the Emergency Powers (COVID-19) Regulations 2020. Pursuant to the regulations, the prime minister implemented the Emergency Powers (COVID-19) (2) Order 2020 and the Emergency Powers (COVID-19) (Special Provisions) Order 2020. This article provides a summary of the provisions contained in the orders.
Has COVID-19 affected real estate transactions?
Lennox Paton- Real Estate
- Bahamas
- 29 May 2020
Restrictions on both domestic and international travel, lockdowns and curfews have been imposed in The Bahamas to restrict movement in an attempt to reduce the spread of COVID-19. While law firms have had to close their physical doors to the general public, real estate and resort development attorneys have embraced new and efficient procedures for closing transactions.
Has COVID-19 affected real estate transactions?
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 28 May 2020
Restrictions on both domestic and international travel, lockdowns and curfews have been imposed in The Bahamas to restrict movement in an attempt to reduce the spread of COVID-19. While law firms have had to close their physical doors to the general public, real estate and resort development attorneys have embraced new and efficient procedures for closing transactions.
What impact could COVID-19 have on leases?
Lennox Paton- Real Estate
- Bahamas
- 22 May 2020
The government recently announced an ambitious rental assistance programme to assist tenants who have been economically affected by COVID-19 and are unable to satisfy their contractual obligation to pay rent. However, many pundits have questioned the legality of rental assistance during a state of emergency.
What impact could COVID-19 have on leases?
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 21 May 2020
The government recently announced an ambitious rental assistance programme to assist tenants who have been economically affected by COVID-19 and are unable to satisfy their contractual obligation to pay rent. However, many pundits have questioned the legality of rental assistance during a state of emergency.
At a glance: COVID-19 court protocols
Lennox Paton- Litigation
- Bahamas
- 19 May 2020
COVID-19 has forced society to embrace all things technological and forced individuals to adapt to working remotely. As it stands, court operations before the Magistrates Court and the Supreme Court are restricted to essential services until the first working day after the expiry of the Emergency Powers (COVID-19) (No 2) Order 2020, which may be extended by amendments. This article sets out what is permitted according to the judiciary's latest Mitigation Protocols concerning civil and commercial matters.
At a glance: COVID-19 court protocols
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 14 May 2020
COVID-19 has forced society to embrace all things technological and forced individuals to adapt to working remotely. As it stands, court operations before the Magistrates Court and the Supreme Court are restricted to essential services until the first working day after the expiry of the Emergency Powers (COVID-19) (No 2) Order 2020, which may be extended by amendments. This article sets out what is permitted according to the judiciary's latest Mitigation Protocols concerning civil and commercial matters.
COVID-19: lay-offs, short time and redundancies – what you need to know
Lennox Paton- Employment & Immigration
- Bahamas
- 15 April 2020
In times of crisis such as the current COVID-19 pandemic, employers and employees alike need to be aware of their rights and obligations. Employers should ensure that lay-off or short-time actions are taken with due consideration and in accordance with the Employment Act. Employees should be prepared for the possibility of being laid off or put on short time and, understanding their options under the law, work with their employer to produce the best outcome for both parties.
COVID-19: lay-offs, short time and redundancies – what you need to know
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 09 April 2020
In times of crisis such as the current COVID-19 pandemic, employers and employees alike need to be aware of their rights and obligations. Employers should ensure that lay-off or short-time actions are taken with due consideration and in accordance with the Employment Act. Employees should be prepared for the possibility of being laid off or put on short time and, understanding their options under the law, work with their employer to produce the best outcome for both parties.
