European Union Confirms Bermuda Is A Cooperative Jurisdiction For Tax Purposes

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Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers.
Bermuda's economic substance legislation is currently in force and Walkers Bermuda is available to discuss the implications of the requirements in more detail.
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The European Union has removed Bermuda from the EU's blacklist of non-cooperative jurisdictions at a meeting of the EU's Economic and Financial Affairs Council ("ECOFIN") on 17 May 2019.

Bermuda's commitment to implement tax good governance was confirmed in ECOFIN's official statement recognising that Bermuda "adopted additional amendments to its economic substance regulations on 4 March 2019, thereby resolving the last area of concern" and that the EU's Code of Conduct Group had reviewed Bermuda's legislative amendments and concluded that it had "implemented its commitment to introduce substance requirements under Criterion 2.2".

Bermuda's economic substance legislation is currently in force and Walkers Bermuda is available to discuss the implications of the requirements in more detail.

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