Bermuda removed from EU list of non-cooperative tax jurisdictions

Bermuda removed from EU list of non-cooperative tax jurisdictions

HAMILTON, Bermuda – Bermuda’s global industry groups have welcomed today’s decision by the Economic & Financial Affairs Council (ECOFIN) in Brussels to remove Bermuda from a list of non-cooperative tax jurisdictions after all sectors worked collaboratively with Bermuda’s government and regulator to ensure a successful result.

“We applaud today’s decision and appreciate the expedited review by ECOFIN,” said Stephen Weinstein, deputy chair of the Bermuda Business Development Agency (BDA).

“We’re thankful for the efforts of our premier and finance minister to engage with the EU and provide transparency into Bermuda’s world-class regime. Our jurisdiction’s updated regulatory and legislative framework mirrors existing practices in our international business market, exemplifying the highest standards of compliance and economic substance. It’s important that markets worldwide have access to Bermuda’s leading expertise and capacity.”

“Bermuda can be proud of our market’s long-respected record on compliance and tax-transparency—the island remains a jurisdiction of choice for reputable businesses,” added BDA CEO Roland Andy Burrows. “Today’s decision is the right one, and we welcome it as a testament to the top-tier reputation we’ve worked hard to build over many decades. We thank the government for its pro-active response, as well as the regulator and all our industry stakeholders.”

Bermuda’s stock exchange and industry associations, representing sectors ranging from re/insurance, captive insurance, trusts and family offices to asset management and local companies, all echoed those comments and welcomed the EU decision:

“On behalf of the AIMA network in Bermuda, we are delighted ECOFIN has seen fit to remove Bermuda from the list of non-cooperative jurisdictions for tax purposes. Bermuda has always sought to adhere to the highest standards of tax transparency and other global regulatory standards and sees this quality as a key aspect of the manner in which it conducts business presently and into the future.” — Craig Bridgewater, chair, Alternative Investment Management Association (AIMA) network in Bermuda

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