Bermuda’s Tax Evasion Crackdown: A Look at Recent Penalties and Fines

In recent years, the Bermudian government has been cracking down on tax evasion and other financial malpractices. The island nation’s regulatory bodies have imposed significant penalties and fines on various individuals and companies found guilty of these offenses.

Recent Cases

Some notable cases include:

Tahoe Life Insurance Company Limited: Appointed as a Jurisdiction Protection License (JPL) holder in July 2024.
Vesttoo Alpha P&C Fund, LP: Had its license revoked in December 2023 for failing to meet regulatory requirements.
Acadia Life International Limited and Acadia Life Limited: Each hit with civil penalties in August 2023 for violating tax regulations.
White Rock Insurance (SAC) Ltd: Appointed as a JPL holder in August 2023.

Companies Wound Up or Had Licenses Revoked

The government has also taken action against companies that have been wound up or had their licenses revoked, including:

Vesttoo Alpha P&C Ltd.
The Wine Investment Fund Limited
British Steamship Protection and Indemnity (Bermuda) Limited
General Professional Indemnity Ltd
Conyers Trust Company (Bermuda) Limited

Civil Penalties

In addition to these cases, the government has also imposed civil penalties on companies such as:

Allianz Life Bermuda Ltd.
Crown Global Life Insurance and Crown Global Life Insurance (Bermuda) Ltd
Estera Services (Bermuda) Limited