28 April 2015Accounting & tax analysis

Bermuda targets Canada in latest push

Bermuda will highlight the benefits of establishing captives on the Island when a team of 15 delegates head to Canada for a roadshow.

The delegation is led by Bermuda’s Economic Development Minister Dr Grant Gibbons and organised by the Bermuda Business Development Authority (BDA).

On May 5 and 6, 2015, the delegation will visit Toronto and Calgary to promote Bermuda’s captive insurance industry and its advantages to Canadian retailers looking to expand into international markets via an e-tail strategy.

In 2011, Bermuda and Canada signed a Tax Information and Exchange Agreement (TIEA), placing Bermuda on an equal tax footing with jurisdictions that hold tax treaties with Canada.

“The TIEA between our countries makes it easy and beneficial for Canada and Bermuda to do business together,” said BDA chief executive officer Ross Webber. “The BDA, with government, BMA, and our industry partners, is working to educate the Canadian market about the process and benefits of setting up a Bermuda structure as part of their overall international planning.

“We are anticipating that a growth in interest from Canada in establishing a Bermuda presence will result in manned physical operations—and jobs for Bermudians,” Webber added.