Bermuda's EU white list status confirmed

The Economic and Financial Affairs Council (ECOFIN) has confirmed Bermuda's status on the European Union's white list of fully cooperative tax jurisdictions following a meeting in Brussels on 19 February 2020.

A statement by ECOFIN confirmed that “Bermuda and 15 other jurisdictions joined the white list, after they managed to implement all the necessary reforms to comply with EU tax good governance principals ahead of the agreed deadline.”

The elevation of Bermuda’s status follows the implementation of reforms specifically relating to collective investment vehicles set out in the Economic Substance Amendment Act (No. 2) Act 2019 effective as at 31 December 2019 and highlights Bermuda’s continuing commitment to transparency, robust regulatory framework and its blue-chip reputation as a world-class jurisdiction for international business.