Bermuda Proposes Enhancements to Beneficial Ownership Regime

The Bermuda government has announced proposed revisions to enhance its beneficial ownership regime in response to growing demands for transparency from the global community. Changes include:

• Requiring local companies to file updates for changes in beneficial ownership (currently information only filed at time of formation);
• Imposing an obligation on all companies formed or operating in Bermuda to maintain a register of beneficial owners at the registered office, or other place, in Bermuda;
…