European Union Confirms Bermuda is a Cooperative Jurisdiction for Tax Purposes

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.

Please contact Jonathan Betts, Natalie Neto or Sarah Demerling or any of the contacts mentioned below for more information.

BERMUDA
Jonathan BettsPartnerT +1 441 242 1511jonathan.betts@walkersglobal.com
Sarah Demerling PartnerT +1 441 242 1525sarah.demerling@walkersglobal.com
Natalie NetoPartnerT +1 441 242 1533natalie.neto@walkersglobal.com

DUBAI
Daniel WoodManaging PartnerT +971 4 363 7912daniel.wood@walkersglobal.com

HONG KONG
Andy RandallManaging PartnerT +852 2596 3305andy.randall@walkersglobal.com

LONDON
Jack BoldarinManaging PartnerT +44 (0)20 7220 4995jack.boldarin@walkersglobal.com

SINGAPORE
John RogersManaging PartnerT +65 6595 4673john.rogers@walkersglobal.com