EU removes Bermuda from list of non-cooperative tax jurisdictions
The European Union's Economic and Financial Affairs Council (ECOFIN) has removed Bermuda from the list of non-cooperative tax jurisdictions effective today, 17 May 2019.
The EU unanimously decided to rapidly remove Bermuda from the list after it had originally been adopted on 12 March 2019.
This decision demonstrates Bermuda's commitment to upholding a strong regulatory framework, with the enactment of the Economic Substance Act. The Act requires entities with tax residence, or in some cases residency, and income in impacted jurisdictions to evidence adequate local resources, facilities and control over income generating activities.
Bermuda continues to build on the Island's commitment to tax transparency and its strong reputation for compliance with global standards.
Please contact your usual Estera contact or Alison Dyer-Fagundo, to inquire how Estera can assist you with complying with the Economic Substance requirements.
Our team in Mauritius has prepared a report in response to the recent budget.
Advisers now need to be much more alive to the needs of the next generation, which stand to receive over $30 trillion in the next three or four decades, writes Michelle Tring, Associate Director at Estera in ePrivateclient's 2019 Guernsey Report.