Personal Declaration Form for Beneficial Owners or Shareholder Controllers (2025 Version)

Summary

This is a standard form issued by the Bermuda Monetary Authority (BMA) that must be completed by individuals proposing to act as a beneficial owner or shareholder controller of a Bermuda entity. It collects personal, employment, passport, spouse/partner and background information, along with declarations on integrity, regulatory history and politically exposed person (PEP) status.

• Who must complete it: Each natural person proposing to be a beneficial owner or shareholder controller of a Bermuda entity; for partnerships, the beneficial owner and/or natural-person General Partner; for trusts, the Settlor, Protector, Beneficiary, Trustee or other natural person exercising control.
• Content covered: Personal identification and passport details, employment history, spouse/partner information, and a series of yes/no declaration questions covering bankruptcy, litigation, regulatory or criminal investigations, professional body sanctions, licence refusals or enforcement actions, and PEP status.
• PEP due diligence: Where the individual is or was a PEP, the Corporate Services Provider must confirm enhanced due diligence was conducted, including satisfaction as to source of wealth, and countersign the form.
• Validity period: A completed Personal Declaration remains valid for three years from the date it is signed.

The form itself does not set out ongoing regulatory obligations beyond its own completion, accuracy certification, and periodic renewal (every three years), and is used in connection with the Regulatory Acts listed (e.g. Insurance Act 1978, Banks and Deposit Companies Act 1999, Digital Asset Business Act 2018, among others).

Key obligations

• Each individual proposing to act as a beneficial owner or shareholder controller of a Bermuda entity must complete and sign a separate Personal Declaration Form.
• The signatory must certify that the information provided is true, accurate and complete to the best of their knowledge and belief.
• Where the individual is or was a Politically Exposed Person, the Corporate Services Provider must conduct enhanced due diligence, including verifying source of wealth, and countersign confirming this was done.
• A completed declaration must be renewed (a new form completed) after three years from the date it was signed, as it is only valid for that period.

Applies to

beneficial owners, shareholder controllers, corporate service providers, trustees, settlors, protectors and beneficiaries of trusts, general partners of partnerships

Deadlines

• 3 years from date of signing: A completed Personal Declaration Form remains valid for three years from the date it is signed, after which a new declaration is required.