Bermuda has published in the Official Gazette the Economic Substance Act 2018 and the Economic Substance Regulations 2018, which came into force/operation on 31 December 2018. Together, the Act and Regulations provide for the implementation of economic substance requirements that are primarily meant to address EU concerns.
The requirements include that every entity carrying on a relevant activity must maintain a substantial economic presence in Bermuda. Relevant activity means carrying on…