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Bermuda's 'White List' Status Confirmed by the EU and Applauded by IndustryBermuda has returned to the European Union's (EU) 'white list' of fully cooperative tax jurisdictions. The decision was made by EU Finance Ministers at the meeting of the Economic and Financial Affairs Council (ECOFIN) in Brussels this morning. Bermuda's global industry groups have welcomed the news and applauded the efforts of Bermuda's government in securing a successful result. The private sector worked collaboratively with government officials, along with the active involvement of the Bermuda Monetary Authority, to implement reforms specifically relating to collective investment vehicles (CIVs). Bermuda's Economic Substance Amendment (No. 2) Act 2019 came into effect at the start of 2020 to address EU requirements. Roland Andy Burrows, CEO of the Bermuda Business Development Agency (BDA), Bermuda's independent economic development public-private partnership, said: "This outcome is testament to Bermuda's commitment to meet and exceed the highest international standards of regulatory compliance and economic substance. Combined with our world-leading achievements in the Financial Action Task Force assessment, together with Bermuda's EU Solvency II equivalence and status as a NAIC Reciprocal Jurisdiction in the U.S., Bermuda's blue-chip transparency and outstanding offering to global business is second to none. I thank Bermuda's government, regulator and all our industry stakeholders for continuing to ensure Bermuda maintains its world-class regime." Stephen Weinstein, Deputy Chair of the BDA, added: "ECONFIN's decision is a positive step that will benefit consumers and communities worldwide, reinforcing their efficient, level playing field access to the Bermuda's unrivaled risk management expertise and substantial financial capacity. We appreciate the efforts of Bermuda government officials, from the Cabinet to the professional staff of its world class agencies, who have engaged to educate global stakeholders regarding Bermuda's regulatory standards and market practices." Bermuda's global industry associations, representing sectors ranging from re/insurance, captie insurance, trusts and family offices to asset management, all echoed those comments and welcomed the EU decision:
John Huff, President and CEO, Association of Bermuda Insurers and Reinsurers (ABIR)
Patrick Tannock, Chairman, Association of Bermuda International Business (ABIC)
Ronnie Klein, Executive Director, Bermuda International Long Term Insurers and Reinsurers (BILTIR)
Sarah Demerling, Chair, Bermuda's Alternative Investment Management Association (AIMA)
Leah Scott, President, Bermuda Association of Licensed Trustees (BALT)
CONNECTING BUSINESS The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial. View source version on businesswire.com: https://www.businesswire.com/news/home/20200218005986/en/ |