Bermuda signs TIEA with Mexico

By added on 20/10/2009

Bermuda Minister of Finance Paula A. Cox, announced that the country has signed a bilateral agreement with Mexico this week.


Mexico's Minister of Finance, in signing the TIEA and MOU with Bermuda, enables Bermuda to benefit from any current laws Mexico has in place, or which Mexico may initiate in the future, that enhance trade with its TIEA partners.


Minister Cox said that she understands that no Government can pre-empt its Parliament and as such she was confident, that as in the case of France with its recent legislation targeting uncooperative jurisdictions, that Bermuda was now well-placed to benefit from existing Mexico law and any possible future laws pertaining to Mexico's TIEA partners.


The TIEA will increase Bermuda's attraction as a domicile to all members of ALARYS, the Latin American Insurance Association, which plans to hold a major insurance conference in Bermuda next year.


It also includes all standard means to ensure due process is followed in tax information requests to Bermuda.


Bermuda now has TIEAs in place with the following members of the G7: France, Germany, UK, and the United States. In addition, Bermuda has TIEAs with Australia, Ireland, New Zealand, the Netherlands, the Nordic Group (including Denmark, Finland, Iceland, Norway and Sweden and their associated territories the Faroe Islands and Greenland), as well as Netherlands Antilles.