Bermuda has published its regulations with respect to reporting requirements under the OECD Common Reporting Standard ("CRS"). As an early adopter of CRS, the first reporting period will be in respect of the 2016 calendar year, with the first returns of reportable information due by 30 August 2017. Relevant entities are required to register via the Bermuda Government's Electronic Reporting Portal no later than 14 July 2017.
The Common Reporting Standard Regulations 2017 and Country-By-Country Reporting Regulations 2017 were effective 19 April 2017 and set out detailed provisions as to which Bermuda entities areresponsible for reporting under CRS, what information is required to be reported, the method of reporting and the requirements of the CRS regime with respect to policies, procedures and record keeping.
Further details are available in our client memorandum on Bermuda reporting requirements under FATCA and CRS.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
