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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
