The European Union has removed Bermuda from the EU's
blacklist of non-cooperative jurisdictions at a meeting of the
EU's Economic and Financial Affairs Council
("ECOFIN") on 17 May 2019.
Bermuda's commitment to implement tax good governance was confirmed in ECOFIN's official statement recognising that Bermuda "adopted additional amendments to its economic substance regulations on 4 March 2019, thereby resolving the last area of concern" and that the EU's Code of Conduct Group had reviewed Bermuda's legislative amendments and concluded that it had "implemented its commitment to introduce substance requirements under Criterion 2.2".
Bermuda's economic substance legislation is currently in force and Walkers Bermuda is available to discuss the implications of the requirements in more detail.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.