16May2018

CRS Nil Return Filings Now Required in Bermuda

The Government of Bermuda has amended the Bermuda Common Reporting Standard (CRS) Regulations to make nil return filings mandatory for Reporting Financial Institutions that maintained no Reportable Accounts during the applicable calendar year. The deadline for filing CRS reports for the 2017 reporting year is 31st May, 2018. However, the Ministry of Finance has confirmed that (for this reporting year) nil filings should be submitted by 1st August, 2018 to avoid penalties or sanctions.

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16Jun2017

Bermuda Tax Information Reporting Portal Launched

Stephanie P. Sanderson, Corporate Partner, provides an update on the launch of the Bermuda Government’s Tax Information Reporting Portal (Portal) which went live on June 16th 2017 (https://bdaaeoi.bm/PublicForm/PublicForm.aspx). The Portal is currently accepting Common Reporting Standard (CRS) notifications and CRS report filings enabling Bermuda Reporting Financial Institutions to satisfy their notification and reporting obligations under the CRS Regulations.

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27Apr2017

CRS Regulations Issued – What Bermuda Reporting Financial Institutions Need to Know

The Bermuda Government has issued the highly anticipated Common Reporting Standard (CRS) Regulations setting out the CRS obligations that Bermuda Reporting Financial Institutions must comply with.

Stephanie P. Sanderson highlights key changes introduced by the CRS Regulations that Bermuda Reporting Financial Institutions should take note of, provides reminders of existing obligations, and outlines the next steps for Bermuda Reporting Financial Institutions in this important CRS bulletin.

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14Dec2015

The Common Reporting Standard

On 1 January 2016, the Common Reporting Standard (CRS) enters into effect in Bermuda as an early adopter jurisdiction. In furtherance of its objectives, the CRS imposes due diligence and reporting requirements on financial institutions, which include investment fund vehicles.

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