EU RECOGNIZED BERMUDA’S STATUS

The Government of Bermuda notes that the Economic and Financial Affairs Council (‘ECOFIN’) has reaffirmed Bermuda’s status as a cooperative tax jurisdiction.

The Hon E David Burt JP, MP, Premier of Bermuda, said: “Once again the EU has recognized Bermuda’s status as a cooperative jurisdiction, despite the interest surrounding a hack on a global law firm and related documents in the public domain. The outcome of the ECOFIN decision demonstrates Bermuda’s position as a global leader in international tax transparency.

“Bermuda is not a place to hide money, given its Common Reporting Standard and Country by Country automatic reporting regimes and membership in the OECD Inclusive Framework on Base Erosion & Profit Shifting. Any legitimate tax authority can request and receive information from Bermuda, under 100-plus tax-transparency relationships pursuant to the OECD multilateral tax treaty, and more than 40 bilateral Tax Information Exchange Agreements.

“Bermuda welcomes continued dialogue with the EU Code of Conduct Group and EU Member States.”

Further details can be found by visiting: https://www.gov.bm/bermuda-business-centre.

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