Bermuda Signs Tax Agreement with South Africa

Bermuda has signed our 19th Tax Information Exchange Agreement [TIEA], and our first with an African nation – South Africa.  The TIEA agreements serve to facilitate for a full exchange of information on criminal and civil tax matters between countries.

Finance Minister Paula Cox stated:

Mr. Speaker, the conclusion of negotiations of a TIEA with South Africa marks a milestone, as it is the first TIEA negotiation concluded with a country in Africa. South Africa is one of the founding members of the African Union, and has the largest economy of all the members. It is also a member of the G20.

Mr. Speaker, the broadening of the political and economic relationship between South Africa and Bermuda will be an ongoing process. South Africa and Bermuda, through the goodwill created by concluding the TIEA negotiations, are committed to adopting measures to further enhance our political and economic relationship, including further clarification of elements of double taxation, discrimination and other undesired tax barriers, and investment protection.

President and Executive Director of the Association of Business Insurers and Reinsurers [ABIR] Bradley Kading said:

Congratulations to the Ministry of Finance for completing negotiations of a TIEA with South Africa. The country serves as a business center for the southern half of the continent. Bermuda builds credibility for the jurisdiction by reaching out to both the developed and developing world on tax cooperation and information sharing.

According to OECD.org, the previous 18 nations that Bermuda has signed TIEA agreements with are [The links below will open a PDF file of the actual agreement.]

1. Japan – Bermuda (1 February 2010)
2. Aruba – Bermuda (20 October 2009)
3. Mexico – Bermuda (15 October 2009)
4. France – Bermuda (8 October 2009)
5. Bermuda – Netherlands Antilles (28 Sept 2009)
6. Bermuda – Ireland (28 July 2009)
7. Germany – Bermuda (3 July 2009)
8. The Netherlands – Bermuda (8 June 2009)
9. New Zealand – Bermuda (17 April 2009)
10. Denmark – Bermuda (16 April 2009)
11. Faroes – Bermuda (16 April 2009)
12. Finland – Bermuda (16 April 2009)
13. Greenland – Bermuda (16 April 2009)
14. Iceland – Bermuda (16 April 2009)
15. Norway – Bermuda (16 April 2009)
16. Sweden – Bermuda (16 April 2009)
17. Bermuda – United Kingdom (4 December 2007)
18. Australia – Bermuda (15 November 2005)

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