Whistlestop EU tour to get off blacklist
A team from Bermuda is to hit the European Union with a charm offensive designed to get the country's name off a blacklist of uncooperative tax jurisdictions.
David Burt, the Premier, and Curtis Dickinson, the finance minister, will take the lead in a series of meetings in London and with EU figures.
Mr Burt said: “Through our representatives in London and Brussels we have secured a number of important meetings in London, Paris, Berlin and Brussels this week.
“It is encouraging that EU leaders in this area have been receptive to our requests and I expect that this level of engagement will provide the ideal opportunity to make the case for Bermuda's compliance with EU standards.”
The team is expected to meet British MP Robert Jenrick, the Exchequer Secretary to the Treasury in London.
They will later meet Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs as well as Ambassador Luminita Odobescu, Permanent Representative of Romania to the European Union, in Brussels.
Additional discussions will be held with tax officials in both France and Germany as well as with the leadership of the Code of Conduct Group in Brussels.
Mr Dickinson said: “Our team will have the necessary technical support from the Ministry of Finance as well as the Bermuda Monetary Authority.
“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.”
He added: “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.”
Mr Burt said: “We have wasted no time setting about this important task. Our economic substance regime is the law of the land today and there are opportunities presented for growth in existing sectors and the creation of additional economic activity in Bermuda.
“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.”