Bermuda granted whitelist status

Bermuda has become the first overseas territory to be awarded whitelist status by France.

David Burt, the Premier, told MPs the development underlined the Ministry of Finance’s efforts to support international co-operation on tax matters and financial transparency.

He added that he will attend key meetings in Paris and Brussels next month to “provide necessary support to Bermuda’s efforts to avoid blacklisting by the EU Code of Conduct Group”.

Mr Burt, who is also finance minister, said that to get whitelist status in France, the island had successfully met several conditions, including becoming an early adopter for 2016 year data and establishing a country-by-country reporting relationship with France.

Bermuda also ensured its new tax information reporting portal was integrated with the Organisation for Economic Co-operation and Development portal, so it can transport CbC reports to France, and had brought its CbC legislation, regulations and guidance notes into force.

Mr Burt said: “Bermuda satisfied these technical requirements because of the collaboration and hard work of the treaty unit in the Ministry of Finance, the Attorney-General’s Chambers and our private sector industry partners.

“I would like to thank all parties mentioned for their sterling effort which has resulted in this action.

“Bermuda’s placement on France’s whitelist for country-by-country reporting will further establish Bermuda’s leadership in supporting international co-operation in tax matters and financial transparency.

“However, continued engagement with the EU and its member states in the weeks and months ahead is vital in view of the current risk that we may face from the EU.”