Bermuda has published the Economic Substance Amendment Act 2019, which was approved in parliament on 21 June 2019 and received assent on 28 June. The Act amends the Economic Substance Act 2018 to provide that information on companies that fail to meet the economic substance test may be exchanged with the competent authority of an EU Member State or other jurisdiction, instead of just EU Member States.
The Act also introduces new rules with respect to non-resident entities carrying on a rel…