Bermuda Asset Freeze Licence Application
Apply for a licence to carry out an activity or transaction that would otherwise be prohibited under Bermuda’s asset freeze measures. Download the application form, complete it and email it to the Financial Sanctions Implementation Unit.
Financial Sanctions Implementation Unit
Overview
A licence allows an activity or transaction that would otherwise be prohibited by the asset freeze measures in force in Bermuda. These measures cover all UN and UK sanctions regimes extended to Bermuda.
You must not carry out the activity until a licence has been issued. Apply at least four weeks before you need it.
Before you apply
Check whether a general licence already covers what you need to do. If it does, you don’t need to apply. See Bermuda General Licences in the International Sanctions Measures article.
Don’t use this form for export control licences or other matters that aren’t about an asset freeze.
For licences under the Counter-Terrorism (Sanctions) (Overseas Territories) Order 2020, don’t use the form. Write to the Minister setting out the full facts and details of the licence you need.
Licensing grounds
A licence can only be issued where there is a legal basis to do so. Your application must state which ground applies, or it may be returned.
The grounds on the form are:
- basic expenses of the designated person or their dependent family members
- reasonable professional fees and expenses for legal services
- fees or service charges for maintaining frozen funds or economic resources
- extraordinary expenses
- obligations under a contract or agreement made before the person or entity was designated*
- obligations arising from certain judicial, administrative or arbitral liens, decisions or judgments*
*These two grounds only allow frozen funds to be released. They cannot be used to make funds or economic resources available to a designated person.
What you need
- the name of the sanctions regime the licence is for
- details of the applicant, and a contact person who knows the transaction
- a full description of the transaction: what is happening, how much is involved, who is involved, and whether it’s a one-off or repeated
- dates of any past and future transactions or payments
- the payment method and the banks involved, with account numbers if available
- copies of supporting documents. If you’re relying on a contract made before sanctions were imposed, you must include a copy of the contract.
How to apply
- Download the Bermuda Asset Freeze Licence Application form.
- Read the notes on page 5 of the form.
- Complete all eight parts, then sign and date the form.
- Email it with your supporting documents to fsiu@gov.bm, with a copy to the Minister of Justice, Global House, 43 Church Street, Hamilton HM 12.