LONDON, May 20, 2019 /PRNewswire/ -- The EU Finance Ministers, at their May 17, 2019 meeting ("ECOFIN") unanimously decided to remove Bermuda from Annex I of the EU list of non-cooperative jurisdictions in tax matters, the so-called "black list." This list had been adopted at the Ministers' March 12, 2019 ECOFIN meeting.
Minister of Finance the Honourable Curtis L. Dickinson MP said, "I am pleased with the rapid conclusion of the ECOFIN delisting Bermuda at its very first meeting after March 12, 2019."
Bermuda will now be placed in Annex II of the EU list, on the so-called "grey list" owing to the fact that the EU Council had determined that further work was required in relation to collective investment funds.
The Minister continued, "This is by no means the end of the work required to continue strengthening the framework in this area. Bermuda continues to be a leader in insurance and other financial services and so that comes with a responsibility to be ahead of the curve in terms of regulation and best practice."
Speaking after attending the latest Consensys Conference in New York, the Minister concluded: "In the last several weeks, business confidence has remained high and there have been public demonstrations of that confidence with new entrants to the marketplace and the recent S&P Ratings affirm the sound economic direction of the country."
Bermuda's economic ties with the EU are strong. More than 10 European Union countries export about $6 billion in goods and services and annual two-way trade is normally $30 billion. Bermuda and Europe partner primarily in reinsurance and finance.
The Premier and Minister of Finance's political level engagement along the process strengthened Bermuda's close and productive relationship with the EU and this engagement will continue.
SOURCE Government of Bermuda