27 March 2019Analysis

Bermuda premier leads team to Europe for EU blacklist removal talks

Bermuda premier David Burt and minister of finance Curtis Dickinson is leading a team to Europe for discussions aimed at laying the groundwork for removing the island from the EU's list of non-cooperative tax jurisdictions, also known as the blacklist.

The team will travel to London, Paris, Berlin and Brussels this week to engage with various government tax officials.

It expects to meet with Robert Jenrick MP, exchequer secretary to the treasury in London and once in Brussels with 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.

"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," said Burt.

The team will hold further discussions with tax officials in France and Germany, as well as with the leadership of the EU's Code of Conduct Group in Brussels.

Dickinson added:  “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.

"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."

Burt concluded: "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."