• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Taxation

Bermuda to be removed from EU blacklist

Bermuda to be removed from EU blacklist
  • Pedro Gonçalves
  • @PeterHSG
  • 02 April 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The European Commission is set to reverse its decision of including the British overseas territory on a list of global tax havens after the jurisdiction amended its legislation in order to comply with EU standards.

The European Union's tax commissioner, Pierre Moscovici, said the EU Code of Conduct (Business Taxation) Group (CCG) will receive a 'positive recommendation' regarding Bermuda's request for removal from the EU blacklist of non-cooperative jurisdictions.

Related articles

  • EU adds UAE, Bermuda to expanded tax haven blacklist
  • Bermuda, Barbados and Aruba to be removed from EU's tax haven blacklist
  • Bermuda, Aruba & Barbados are removed from EU tax haven blacklist
  • 'Paradise Papers' leak prompts EU to bring forward tax haven blacklist discussion: reports

 "On this basis, Bermuda is confident that we will be removed from the list of non-cooperative jurisdictions for tax purposes at the earliest opportunity and we look forward to continued dialogue with the commission regarding Bermuda's enhancement to its investment funds regime," the country's premier David Burt said after a meeting with the commissioner in Brussels.

Bermuda is confident that we will be removed from the list of non-cooperative jurisdictions for tax purposes at the earliest opportunity and we look forward to continued dialogue with the commission regarding Bermuda’s enhancement to its investment funds regime"

Its statement said that during the meeting,  Moscovici acknowledged "the level of co-operation between the European Union and Bermuda" and "encouraged us to continue our engagement".

The 28-nation EU set up the so-called blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower tax bills.

EU governments adopted a broadened blacklist of tax havens, adding 10 jurisdictions to the updated list: Bermuda, the Dutch Caribbean island of Aruba, Barbados, Belize, Fiji, the Marshall Islands, Oman, the United Arab Emirates, Vanuatu and Dominica.

Blacklisted jurisdictions face reputational damage and stricter controls on their financial transactions with the EU, although no EU sanctions have yet been agreed by European states.

Bermuda was unexpectedly added to the list last month, on the grounds that legislation it enacted at the end of 2018 did not fully satisfy the CCG's demands for 'economic substance'. In an effort to meet a EU deadline, the self-governing island passed legislation in December that makes it compulsory for companies domiciled in Bermuda to have a "substantial economic presence," granting some firms a grace period for implementation.

Bermuda was also required to change its tax rules by the end of February, but added new loopholes in revised legislation and did not provide a final text by the deadline, according to the Commission.

Burt denied the deadline was missed and said its legislation was perceived by businesses as more stringent than other jurisdictions.

While Britain had pushed other EU states not to include Bermuda on the list, it lifted its objections after the European Commission argued that the island has "been playing games" to dodge EU requirements, according to minutes of a meeting of EU envoys on the matter.

Burt rejected that assertion, saying the impression arose due to a "technical omission which was rectified in good time."

In the meantime, Bermuda's finance minister Curtis Dickinson will continue with the European visit to hold further meetings in Berlin, Brussels, London and Paris. Talks will also continue with the European Commission regarding Bermuda's investment funds regime, which now forms the CCG's main concern.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Taxation
  • EU
  • Bermuda
  • CCG
  • Moscovici
  • Brussels
  • Blacklist

More on Taxation

Report proposes 5% UK wealth tax to offset pandemic costs

  • Taxation
  • 09 December 2020
Britons in France warned of steep capital gains tax rises when selling property

  • Taxation
  • 07 December 2020
HMRC payments to tax evasion whistleblowers up 63%

  • Taxation
  • 04 December 2020
OECD to issue international crypto tax evasion standards next year

  • Cryptocurrencies
  • 04 December 2020
Global tax evasion costs $427bn per year

  • Taxation
  • 04 December 2020
Back to Top

Most read

Duff & Phelps opens Gibraltar office
Duff & Phelps opens Gibraltar office
Brexit deals hefty blow to City but industry is ready to fight back
Brexit deals hefty blow to City but industry is ready to fight back
Comment: Are cryptocurrencies the new gold?
Comment: Are cryptocurrencies the new gold?
FSCS warns industry of £1bn compensation bill
FSCS warns industry of £1bn compensation bill
Dubai regulator to develop cryptocurrency framework
Dubai regulator to develop cryptocurrency framework
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading