Peer Review: Supplementary Report to Phase 1 Review - Bermuda
This report for Bermuda has been published on 5 Apr 2012. You can buy this report, or browse it online below.
Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.

Determinations and Recommendations
Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
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Determination | Factors | Recommendations |
The element is in place, but certain aspects of the legal implementation of the element need improvement. | There are currently inconsistent obligations on nominees to maintain ownership and identity information in respect of all persons for whom they act as the legal owner. | An obligation should be established for nominees to maintain relevant ownership and identity information where they act as the legal owner on behalf of any other person. |
Identity and ownership information may not consistently be available in respect of all express trusts with respect to which Private Trust Companies act as trustees. | Private Trust Companies should be required to maintain relevant identity and ownership information. | |
In the case of Limited Partnerships (including Exempted Limited Partnerships), foreign partnerships carrying on business in Bermuda and trusts where the trustee is a Private Trust Company, there are currently no penalties for non-compliance with obligations to maintain ownership and identity information. | In so far as there are no penalties provided, introduce effective sanctions for these types of entities and arrangements where they fail to comply with requirements to maintain and provide ownership and identity information. | |
Phase 2 Rating | Factors | Recommendations |
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
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Determination | Factors | Recommendations |
The element is in place, but certain aspects of the legal implementation of the element need improvement. | Bermudan companies as well as Limited and Exempted Limited Partnerships are subject to obligations to keep relevant accounting records, including underlying documentation, for a minimum 5 year period. However, for other relevant entities and arrangements including trusts, and foreign companies and foreign partnerships carrying on business in Bermuda, there are currently inconsistent obligations to maintain reliable accounting records including underlying documentation, for a minimum 5 year period. | Introduce consistent, binding requirements on relevant entities and arrangements, in particular trusts, and foreign companies and partnerships carrying on business in Bermuda, to maintain reliable accounting records including underlying documentation for a minimum of 5 years. |
Phase 2 Rating | Factors | Recommendations |
Banking information should be available for all account-holders. (ToR A.3)
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Determination | Factors | Recommendations |
The element is in place. | ||
Phase 2 Rating | Factors | Recommendations |
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
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Determination | Factors | Recommendations |
The element is in place. | ||
Phase 2 Rating | Factors | Recommendations |
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
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Determination | Factors | Recommendations |
The element is in place. | ||
Phase 2 Rating | Factors | Recommendations |
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
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Determination | Factors | Recommendations |
The element is in place. | ||
Phase 2 Rating | Factors | Recommendations |
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
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Determination | Factors | Recommendations |
The element is in place. | Bermuda should continue to develop its EOI network with all relevant partners. | |
Phase 2 Rating | Factors | Recommendations |
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
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Determination | Factors | Recommendations |
The element is in place. | ||
Phase 2 Rating | Factors | Recommendations |
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
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Determination | Factors | Recommendations |
The element is in place. | ||
Phase 2 Rating | Factors | Recommendations |
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
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Determination | Factors | Recommendations |
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review. | ||
Phase 2 Rating | Factors | Recommendations |