Non-resident entities in Bermuda can no longer claim exemption from the economic substance requirements if they are tax-resident in a jurisdiction that does not have a corporate tax regime or if their tax residency there does not result in equivalent economic substance monitoring. Jurisdictions affected by this new rule, which came into effect on 30 January 2023, include Anguilla, the Bahamas, Bahrain, Barbados and the United Arab Emirates.
News Source：【Appleby 2023/03/15】