OECD Adds Bermuda to 'White List'

Posted 08/06/2009 • Under Press Releases

OECD UPDATES ITS PROGRESS REPORT TO ADD BERMUDA TO ITS 'WHITE LIST'

Bermuda Claims Top Status of Nations to Have Substantially Implemented the Internationally Agreed Tax Standard

Following Bermuda’s successful signing of its twelfth Tax Information Exchange Agreement (TIEA) with the Netherlands in London today, the OECD has updated its progress report to include Bermuda with other jurisdictions that have substantially implemented the internationally agreed tax standard.

Earlier today, Bermuda’s Minister of Finance, Paula A. Cox, said that Bermuda had worked assiduously to strengthen worldwide tax cooperation. “Bermuda wholeheartedly endorsed the OECD’s objective and is especially pleased to note that the April 2 progress report – or ‘gray list’ – has now been updated and that Bermuda is now included in the revised ‘white list,’ said the Minister. “We will now continue to build upon our long-standing position of transparency and cooperation which has, through the years, differentiated Bermuda from other jurisdictions.”

Bermuda has now signed 12 TIEA Agreements; with the U.S., the U.K., Australia, New Zealand, Sweden, Finland, Norway, Denmark, the Faroe Islands, Iceland, Greenland, and the Netherlands. Moreover, Bermuda has concluded negotiations with Canada, Germany and Mexico and is at an advanced stage of negotiations with Japan. Signing dates are being arranged with Germany, Mexico, and Canada, following the conclusion of their ratification processes.

The Minister also confirmed that the Government of Bermuda is closing in on its goal to have TIEA’s in place with all G7 countries and with other internationally significant trading and commerce partners.

This announcement was prepared by the Bermuda Ministry of Finance.