Bermuda's government has published revised guidance notes dated 30 January 2023 on the economic substance requirements. The main revision is made to section 12.1 in relation to tax residency. As explained in section 12.1, an entity will be considered a non-resident entity, and therefore outside the scope of the economic substance requirements, if it is resident for tax purposes in a jurisdiction outside of Bermuda that is acceptable to the Registrar, provided that such jurisdiction is not li…