28/03/19

BERMUDA: Jurisdiction sending team to Europe to discuss removal from EU blacklist.

As published on captiveinsurancetimes.com, Tuesday 26^th March, 2019.

Bermuda is sending a team, led by premier David Burt and minister of finance Curtis Dickinson, to Europe for a series of meetings with the intent of laying the groundwork for Bermuda’s removal from the EU’s non-cooperative tax jurisdictions blacklist.

The EU released its updated blacklist, which is part of its strategy to clamp down on tax evasion and avoidance, earlier this month, featuring a number of new additions including Bermuda.

The team is expected to meet Robert Jenrick, exchequer secretary to the Treasury, in London, and Pierre Moscovici, European commissioner for economic and financial affairs, taxation and customs, and ambassador Luminita Odobescu, permanent representative of Romania to the EU, in Brussels.

Discussions will also be held with the leadership of the Code of Conduct Group in Brussels, and with tax officials in both France and Germany.

Burt said it was encouraging that EU leaders had been receptive to Bermuda’s requests for discussions.

He added: “I expect that this level of engagement will provide the ideal opportunity to make the case for Bermuda’s compliance with EU standards.”

“We have wasted no time setting about this important task. Our time in Europe will see us engage with the right people who advise and make decisions on jurisdictional issues like this.”

“We believe we have a strong case to advance and we will do so directly this week.”

Dickinson said the team will have the necessary support from the Ministry of Finance and the Bermuda Monetary Authority.

He noted: “Together we will be able to address any issues and confirm Bermuda’s position as a well regulated and above all a fully compliant jurisdiction as required by EU standards.”

“I have led a number of meetings with local stakeholders also and continue to work with them in mapping out our plans to achieve Bermuda’s removal from the List.”

“Our industry partners have been a key part of our plans and we will continue to work closely with them.”