BERMUDA-BUSINESS-DEVLPMT
Bermuda has returned to the European Union’s (EU) ‘white list’ of fully cooperative tax jurisdictions.
The decision was made by EU Finance Ministers at the meeting of the Economic and Financial Affairs Council (ECOFIN) in Brussels this morning. Bermuda’s global industry groups have welcomed the news and applauded the efforts of Bermuda’s government in securing a successful result.
The private sector worked collaboratively with government officials, along with the active involvement of the Bermuda Monetary Authority, to implement reforms specifically relating to collective investment vehicles (CIVs). Bermuda’s Economic Substance Amendment (No. 2) Act 2019 came into effect at the start of 2020 to address EU requirements.
Roland Andy Burrows, CEO of the Bermuda Business Development Agency (BDA), Bermuda’s independent economic development public-private partnership, said: “This outcome is testament to Bermuda’s commitment to meet and exceed the highest international standards of regulatory compliance and economic substance. Combined with our world-leading achievements in the Financial Action Task Force assessment, together with Bermuda’s EU Solvency II equivalence and status as a NAIC Reciprocal Jurisdiction in the U.S., Bermuda’s blue-chip transparency and outstanding offering to global business is second to none. I thank Bermuda’s government, regulator and all our industry stakeholders for continuing to ensure Bermuda maintains its world-class regime.”
Stephen Weinstein, Deputy Chair of the BDA, added: “ECONFIN’s decision is a positive step that will benefit consumers and communities worldwide, reinforcing their efficient, level playing field access to the Bermuda’s unrivaled risk management expertise and substantial financial capacity. We appreciate the efforts of Bermuda government officials, from the Cabinet to the professional staff of its world class agencies, who have engaged to educate global stakeholders regarding Bermuda’s regulatory standards and market practices.”
Bermuda’s global industry associations, representing sectors ranging from re/insurance, captive insurance, trusts and family offices to asset management, all echoed those comments and welcomed the EU decision:
John Huff, President and CEO, Association of Bermuda Insurers and Reinsurers (ABIR)
“The Bermuda Monetary Authority, Bermuda Finance Minister, Bermuda government and Bermuda business community once again demonstrate internationally-recognised regulatory enforcement. From EU Solvency II equivalence, U.S. Reciprocal Jurisdiction status, Financial Action Task Force compliant anti-money laundering regime and now EU Economic Finance ‘white list’ designation recognising Bermuda’s solid work on EU tax good governance and our economic substance framework, Bermuda’s robust regulatory environment is world-class.”
Patrick Tannock, Chairman, Association of Bermuda International Business (ABIC)
“A key component of our value proposition as a jurisdiction is our commitment to transparency and compliance and the collaborative mindset of key stakeholders to ensure that Bermuda remains an international business domicile of choice. The Government, industry and regulators have worked collaboratively over the past two years to build on Bermuda’s proven record to meet the EU requirements for economic substance. Today’s announcement is further confirmation that Bermuda is a high-quality international business jurisdiction, recognised as meeting and exceeding international standards in compliance, regulation and transparency.”
Ronnie Klein, Executive Director, Bermuda International Long Term Insurers and Reinsurers (BILTIR)
“BILTIR is very pleased with the announcement today that Bermuda is officially off of the EU’s Economic and Financial Affairs Council (ECOFIN) 'grey list’. We applaud the Council’s reasonable approach of using facts to make its decision. Along with recent affirmations of being NAIC qualified, Solvency II equivalent and a leader in the fight against anti-money laundering, Bermuda continues to shine as a beacon for the growing life insurance and reinsurance sector."
Sarah Demerling, Chair, Bermuda’s Alternative Investment Management Association (AIMA)
"AIMA Bermuda has been working with the BMA and the Registrar of Companies in recent months to ensure that Bermuda's funds regime complied with EU standards. This morning's news, recognising Bermuda as fully compliant, was very welcome for the jurisdiction and is testament to the hard work of the Committee and also reflects the importance that the jurisdiction places on its commitment to tax transparency and EU tax good governance principles worldwide. It also follows the recent 'excellent' endorsement from the Caribbean Financial Action Task Force in the global fight against money laundering and terrorist financing. We are very proud of these successes."
Leah Scott, President, Bermuda Association of Licensed Trustees (BALT)
“BALT is pleased to learn that Bermuda has now been removed from Annex II (‘grey list’) and added to the ‘white list’. It is impressive that, as a jurisdiction, we have honored our commitment to fair taxation by implementing, ahead of the agreed deadline, all the necessary reforms to comply with EU tax good governance principles. Congratulations to the Minister of Finance, and all those who have provided the necessary expertise, skill and support to get Bermuda back to her place of prestige.”
CONNECTING BUSINESS
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200218005986/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
IO Interactive Announces Olivier Perbet as Chief Marketing and Revenue Officer2.7.2025 15:00:00 CEST | Press release
IO Interactive, the award-winning developer and publisher behind the globally-acclaimed HITMAN franchise, is proud to announce the promotion of Olivier Perbet to Chief Marketing and Revenue Officer (CMRO). In this expanded role, Olivier will now oversee both marketing and revenue operations across the studio’s portfolio, including Digital and Physical Sales, Business Development, and go-to-market strategy, as IOI enters an exciting new chapter of growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702593970/en/ © IO Interactive A/S Olivier joined IO Interactive as Chief Marketing Officer in 2023, bringing with him over 20 years of experience across gaming, consumer electronics, and entertainment. Since then, he has played a key role in scaling IOI’s global publishing capabilities, supporting the set-up of IOI Partners and delivering standout campaigns. Under Olivier’s leadership, IOI recently celebrated major milestone
Seoul Semiconductor’s World’s No.1 Technology Targets EV and Autonomous Vehicle Markets2.7.2025 15:00:00 CEST | Press release
Seoul Semiconductor, Global No.1 in LED Backlight, Begins Supplying Mini LED for Automotive Displays from MayWICOP Mini with No-Wire, No-Lens, No-Package Surpasses OLED in Brightness, Color Performance, and Cost Competitiveness Seoul Semiconductor Co., Ltd. (KOSDAQ: 046890), the world’s No. 1 company in LED backlight, announced on July 2nd that its proprietary No-wire technology, WICOP, has been supplied to the automotive market in the form of Mini LED displays since May. As the world’s first No-wire LED technology, WICOP has already proven its performance across various applications—including smartphones, TVs, lighting, and automotive headlamps. Recognized for its superior brightness and durability even in extreme automotive environments, WICOP has now officially entered the automotive display market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702244031/en/ [Figure] Comparison of 1st-Generation LED and 2nd-Generation
Barilla Launches 7th Edition of Good Food Makers to Shape the Future of Food2.7.2025 14:20:00 CEST | Press release
Barilla officially opens applications for Good Food Makers 2025, its open innovation program dedicated to startups and innovative companies focused on creating a more sustainable and connected food system. Now in its seventh edition, the program welcomes a new format — Good Food Makers – ECOSYSTEM — developed in collaboration with Almacube, the innovation hub of the University of Bologna and Confindustria Emilia. This year’s goal is to build a true innovation ecosystem by involving Barilla’s value chain partners and accelerating the adoption of emerging technologies. Three selected startups will join a four-week co-development journey with Barilla professionals and partner companies, working side-by-side to create impactful solutions across the entire food chain — from field to fork. Applications are open until the end of July, with the program running from September to January 2026, concluding with the Innovation Day. “Good Food Makers reflects our commitment to open innovation that g
SE Labs Award Reinforces NetApp Status as the Most Secure Storage on the Planet2.7.2025 14:00:00 CEST | Press release
NetApp wins 2025 SE Labs Award for Enterprise Data Protection NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced that it was recognized as a standout performer in cybersecurity in the SE LABS ® Awards 2025. NetApp won the 2025 SE Labs Award for Enterprise Data Protection, validating NetApp’s status as the most secure storage on the planet. This recognition as a winner of a 2025 SE Labs Award is a result of NetApp’s exceptional innovation in cyber resiliency to deliver NetApp ONTAP® Autonomous Ransomware Protection with Artificial Intelligence (ARP/AI), which was tested and validated by SE Labs. NetApp ARP/AI demonstrated 99 percent detection of tested, advanced full-file encryption ransomware attacks with zero false positives, indicating a strong ability to operate in a business context without contributing to alert fatigue. “Great security doesn’t just happen—it’s built, tested and proven,” says Simon Edwards, Founder and CEO of SE Labs. “Behind every
CroíValve Announces Funding from Horizon Europe EIC Accelerator2.7.2025 14:00:00 CEST | Press release
CroíValve, a pioneering medical device company innovating a better way to help more patients suffering from Tricuspid Regurgitation (TR), was awarded funding from Horizon Europe’s European Innovation Council (EIC) Accelerator Programme. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702306192/en/ DUO™ Transcatheter Tricuspid System Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the EIC Accelerator Programme provides transformational funding to high-potential, high-risk start-ups, scale-ups and subject matter experts. This award includes grant funding of €2.5 million, combined with an equity investment of €10 million in CroiValve’s next financing. The latest competition included 959 applications, with only 40 awards across 16 countries. Almost one third of the selected companies are led by a woman and CroiValve are incredibly proud to be one of this group. “Securing European Innovation Council
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom