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Bermuda: Law of Offshore

Table of Statutes

This is a non-exhaustive list of the main Bermuda statutes affecting offshore and non-resident business. The statutes are listed in alphabetical order – click on the statute for a fuller description of the statute, the legal regime it forms part of, or in some cases the text of the law.

Anti-Terrorism Financial And Other Measures Act 2004
Banks and Deposit Companies Act 1999

Bermuda Immigration and Protection Act 1956
Bermuda Immigration and Protection Act 2002
Bermuda Monetary Authority (CISC) Regulations 1998

Bermuda Stock Exchange Company Act 1992
Companies Act 1981
Companies Amendment Act 2006 
Exchange Control Act 1972 
Exchange Control Regulations 1973

Exempted Partnerships Amendment Act 2005

Hospital Insurance Act 1970

Insurance Act 1978 
Insurance Amendment Act 1996

Insurance Amendment Act 2004
Insurance Amendment Act 2008 
International Businesses (Stamp Duty Relief) Act 1990
Investment Business Act 2003
Investment Funds Act 2006
Overseas Partnerships Amendment Act 2005

The Payroll Tax Act 1995
The Payroll Tax Rates Act 1995

Segregated Accounts Companies Act 2000
Segregated Accounts Companies Amendment Act 2004
The Perpetuities and Accumulation Act 1989
Stamp Duties Amendment Act 1993

International Cooperation (Tax Information Exchange Agreements) Act 2005
The Trustees Act 1975
Trust (Special Provisions) Act 1989
Trusts (Regulation of Trust Business) Act 2001
Trust Companies Act 1991

Proceeds of Crime Amendment Act 2000

In January 2005 the SEC welcomed a court order which sought to compel a Bermuda-based brokerage and investment banking firm to respond to subpoenas issued by the securities regulator. Magistrate Judge Alan Kay, ruling in the US District Court for the District of Columbia, stated that managing director of Lines Overseas Management, Scott Lines had failed to prove that the confidentiality laws in place in Bermuda meant that the firm could not comply with the SEC's demands.

The Commission was seeking information relating to "extensive trading" via accounts held with Lines Overseas Management in three technology firms that were under investigation.

 

 

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