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On 13 March 2026, Bermuda's Minister of Finance designated Bermuda's Corporate Income Tax Agency (CITA) as the 'competent authority' under the International Cooperation (Tax Information Exchange Agreements) Act 2005 and the U.S.A.–Bermuda Tax Convention Act 1986. CITA is a recently established statutory body and is now responsible for the administration and implementation of the Corporate Income Tax Act and international tax compliance functions in Bermuda.
In its role as the competent authority in a Common Reporting Standards (CRS) participating jurisdiction, CITA has an obligation to ensure that the CRS requirements have been implemented effectively in Bermuda and to monitor Bermuda Reporting Financial Institutions (BRFIs) for ongoing compliance with CRS obligations.
In its new role, CITA has already commenced issuing notices to selected BRFIs under the International Cooperation (Tax Information Exchange Agreements) Common Reporting Standard Regulations 2017 (as amended). Such notices require the BRFIs to undertake CRS compliance reviews. Selected entities must either appoint an independent reviewer to conduct the review or elect for CITA to conduct it. The notifications must be acknowledged within 10 days of the notice and the independent report must be submitted within 90 days. Independent reviewers must be approved by CITA.
We have a global Regulatory & Risk Advisory practice group of dedicated regulatory lawyers who are available to advise and assist with all aspects of compliance with Bermuda's CRS requirements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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