29 September 2023News

Aegon clears first hurdle for move to Bermuda

Dutch life insurance giant Aegon cleared the first hurdle to redomiciling to Bermuda.

In a complex series of meetings, shareholders first had to agree to move the company to Luxembourg before tomorrow agreeing to redomicile to Bermuda.

That was necessary because Dutch law does not facilitate a direct transfer of a legal domicile to a country outside of the European Economic Area. Therefore, Aegon first had to change its legal domicile to Luxembourg which does allow for such relocations.

“Aegon will now proceed with a second EGM for the shareholders’ resolution on the second step of the redomiciliation,” Aegon said. “This EGM will be held in Luxembourg tomorrow. Following the adoption of this resolution and the completion of the EGM in Luxembourg, the redomiciliation to Bermuda will be implemented on 30 September 2023.”

Following the redomiciliation, Aegon will be regulated by the Bermuda Monetary Authority, although it will remain tax domiciled in the Netherlands.