CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Bermuda Relaxes Beneficial Owner Reporting Rules

Bermuda Relaxes Beneficial Owner Reporting Rules

by Amanda Banks, Tax-News.com, London

26 February 2013


The Bermuda Monetary Authority (BMA) has announced that it has increased the threshold above which beneficial owners of stakes in companies or partnerships, or companies that are subject to exchange control requirements, must disclose personal information to the Authority, to 10% from 5%.

Until the latest change, which takes immediate effect, in the formation process all entities were required to submit to the Authority a personal declaration form for beneficial owners of a partnership or company who owned 5% or more of voting interests or rights.

Jeremy Cox, CEO of the BMA said: “This filing has been in effect for several years and the Authority has managed this process on behalf of the Government. The authorities in Bermuda have received further clarification on recent revisions to the international standard for identifying and disclosing information on beneficial owners, which has established the disclosure threshold at 10% or more of voting rights.”

“We are now in a position to apply this standard across the board in Bermuda. This means that the disclosure threshold [has changed] and entities will now be required to provide personal declaration forms for persons who own or control 10% or more of voting rights in a company or partnership, rather than the previous 5% level.”

Cox said that the new 10% threshold will also apply for companies that are subject to exchange control seeking approvals from the BMA to transfer securities. “Under the Exchange Control Act 1972 the BMA is in fact the Controller and has to date reviewed all persons who own 5% or more of securities in these entities when they request securities transfer permissions. The threshold has now changed to 10% for such requests," he said.

Cox explained that for "persons submitting securities transfer requests who own less than 10% of an entity, the Authority will still provide approvals under its current general permission policy. So basically there is no change in this context for those who do not meet the revised threshold."

TAGS: tax | business | company formation | interest | international financial centres (IFC) | Bermuda | offshore company formation | offshore | corporate governance | financial reporting | corporate responsibility

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »