Economic Substance Act 2018 (Bermuda)

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“The Economic Substance Act” requires core income-generating activities to be conducted in Bermuda. Entities must demonstrate they are directed and managed from Bermuda and have “adequate” employees, physical presence, and expenditure here. Adequacy is determined by the nature and location of strategic and operational decision-making at the board and senior management levels. Outsourcing core activities in Bermuda will be acceptable in some cases.