Bermuda

Willis Group shifts operations from Bermuda to Ireland


By added on 06/01/2010

 Willis Group has completed a re-domestication from Bermuda to Ireland. Citing proposed and introduced U.S. legislation and Organization for Economic Co-operation and Development statements the move underlines  concerns about the shifting tide against "offshore" jurisdictions such as Bermuda . In addition to growing American and European tax uncertainties surrounding offshore centres, Willis also notes the growing clamour of negative publicity and criticism surrounding companies domiciled in these jurisdictions.

The shift to Ireland is, itself, interesting. Even in its own, troubled financial state, Ireland still offers several noted advantages for Willis. To start with, it has been part of the company’s operations since 1903. The new domicile will allow the company to take advantage of the Eurozone’s only English speaking member. Some of the envisioned benefits, beside the potential political-tax benefits of no longer being incorporated in a targeted tax jurisdiction, include Ireland’s relative financial stability and applicability of favourable EU tax directives.

This move signals the  pursuit of offshore centres by  revenue-starved OECD governments in hot pursuit of coveted tax revenues.