Bermuda Signs TIEA With Singapore & Brazil

October 29, 2012

[Updated] Today the Ministry of Finance announced the signing of a Tax Information Exchange Agreement [TIEA] with the Republic of Singapore. The signing took place at the Singapore High Commission in London.

This TIEA solidifies Bermuda’s relationship within the Asian South Eastern Pacific region and allows for greater diversification of Bermuda’s international business sector as Bermuda now has tax agreements with the Republic of Singapore, Malaysia, and Indonesia and marks the 37th tax agreement. Signing on behalf of the Premier Paula Cox, was Assistant Financial Secretary of Treaties Wayne Brown.

Mr. Brown said in his remarks today, “On behalf of the Premier and Minister of Finance Paula A. Cox JP,MP, I extend best wishes and thanks to High Commissioner your Excellency T. Jasudasen for inviting Bermuda to sign a TIEA with the Republic of Singapore.

“Your Excellency as you would be aware Bermuda and the Republic of Singapore has always enjoyed a solid economic relationship as there are natural synergies between the two island states in that our size, location, and regulatory framework allow us rapid access to international markets. As such, one of our key industry stakeholders known as Business Bermuda recently conducted a survey that named Singapore as Bermuda’s leading Asian economic partner driven by shipping and the insurance sectors and we look forward to strengthening that relationship.

“The signing of this Tax Information Exchange Agreement (TIEA) allows Bermuda to utilize this opportunity to officially recognize our partnership within the International Business community and publically demonstrate our shared commitment to implementing the Global Forum on Exchange Information for Tax Purposes’ internationally agreed tax standard, exchange of information by request, of which Bermuda is one of the vice chairs.”

The President and Executive Director of the Association of Bermuda Insurers and Reinsurers Brad Kading, praised the Bermuda Government for completing the TIEA with Singapore saying today, “Singapore is the new hub for building our Asian market insurance operations and as such it is very important to have cooperative measures in place between our two governments. Asia includes the biggest growth economies for the 21st century. Nine ABIR members have operations in Singapore today and more are intent on investigating market opportunities. Regulatory and tax cooperation agreements should be mutually beneficial to the jurisdictions and ABIR members alike.”

Update: The Ministry of Finance also announced the signing of a Tax Agreement with the Republic of Brazil.

The signing took place at the Embassy of Brazil in London, and signing on behalf of Premier Paula Cox was Assistant Financial Secretary – Treaties Wayne Brown.

Mr. Brown extended thanks and appreciation to the Ambassador of Brazil, His Excellency Roberto Jaguaribe and the Brazilian officials on behalf of the Premier and Government of Bermuda for graciously extending the invitation to sign the Tax Agreement at their London embassy.

Mr. Brown said, “The signing of the tax agreement with Brazil, the largest economy in South America and one of only two G20 countries in South America was a major development for both countries. Also the signing of this tax agreement creates a foundation for dialogue in other areas of mutual interest to promote business development.

“The TIEA also underpins the current economic relationship enjoyed by both countries as there are many entities with Bermuda that currently have business relationships in Brazil and encourages more business investment from Brazil going forward.

“In addition, signing this tax agreement with Brazil marks the 18th Tax Agreement Bermuda has signed with members of the G20 nations” and is Bermuda’s 38th tax agreement.”

Meanwhile in response to the Brazil tax agreement, Bradley Kading, President and Executive Director of the Association of Business Insurers and Reinsurers (ABIR) said, “Five ABIR members have licensed Brazilian insurers in operation today. More do business with representative offices and others do business on a cross border basis.

“ABIR members offer great capacity to meet the needs of Brazil’s burgeoning economy and have expertise in special insurance markets such as energy which are critical to Brazil’s future. We commend the Bermuda Government for its work with Brazil on the TIEA and we hope more can be done to open the Brazilian reinsurance markets to fulfill the true promise of competitive markets which will benefits Brazil’s citizens and businesses.”

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Comments (30)

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  1. Truth is killin' me... says:

    Too bad we didn’t have the harsh drug penalties Singapore has. I bet if you cut off a few people’ hands here and gave them some lashes they wouldn’t do it again like in Singapore. We’re Singapoor!!!

    • Will says:

      thats draconian, why don’t you get with the rest of us in the 21st century and call for an end to the prohibition which is ruining millions of lives the world over

      • Truth is killin' me... says:

        Don’t change the subject fool!

      • Joey-Bag-O'doughnuts says:

        What’s more Draconian, one of your family members killed because these punks don’t care for the rule of law or respect for others or punish these punks with the full, brutal arm of the law?

  2. Terry says:

    Any relation to Ewart, Walton and all det crew?

    • LaVerne Furbert says:

      Actually, he’s related to Archie and Gordon.

  3. SoMuchMore says:

    have the plp stopped flying?????? no one there in the photo… it must be an election coming cause they’ve decided not to travel anymore hahahahahahahahahah

  4. Cityzen says:

    Does anyone measure what these tax agreements really contribute to Bermuda’s economy? Has anyone assessed the cost of the Bermuda Government housing an employee in Paris full-time to develop these agreements? Is anyone paying attention to the costs and benefits?

  5. Unimpressed says:

    i always wondered who wayne brown was after receiving an unhelpful email on tieas from him once, now i know the face, always at marketplace lunchtime, yet another PLP stooge

  6. Erasmus says:

    Let’s do an education exchange with Singapore!

  7. Big Dog says:

    Wayne is a top professional within the Finance Ministry and about as different as you can be to Ewart. Shame on anyone who indicates otherwise. To the other question, there is no economic measure of the TIEAs but it is clear without them Bda would be unable to maintain itself as an offshore finance center.

    • Petra says:

      @big dog, I so agree. Mr Brown is the consumate professional, I had the pleasure of working with him many years ago. Personal attacks on these blogs are becoming outrageous!

      • LaVerne Furbert says:

        So, it’s okay to make a personal attack against the former Premier,Dr. Brown, but not Mr. Wayne Brown? Why not ask for the personal attacks to stop – period?

        • Verbal Kint says:

          You can be first in line.

          • Webster says:

            has anyone noticed that Lavern does not call Lopes,or Dill?
            that is because they are professionals…. she will call Dacosta because he is terrified of her!!!the moment she calls him to point out that he should have hung or said something about the last caller, he is afraid to say anything….. at least Shirley and David do not tolerate her cr@p,Everest is being used once again by the P.L.P.
            lavern. did you hear a caller to the sherry Simmons show who said that white people are a freak of nature ???? and she let her go on and on,she also said that white people have no spirtuality…. the caller was aunt Peggy….. Lavern did you heat this ?

            • cool... says:

              @Webster—get a life, Lavern already commented on that story on another blog..this story is about Wayne Brown signing a tax information exchange agreement….maybe you can ask her to explain what that means to us as far as progree? but call the talk show and challenge her, you and the other blogger who insists on referring to the Sherri show on Bermy…have the balls to call Sherri and tell Her how you feel…………………………………”in all fairness”

            • Johnny says:

              Regardless of what you all think of Laverne Furbert, at least she is not afraid to be herself and speak her own mind. She does not care what you cowards who hide behind stupid nicknames have to say.

        • Zombie Apocalypse says:

          You’re going to stop personal attacks Laverne?

        • Webster says:

          Lavern. you have made more personal attacks than anyone on talk radio…. so maybe we should start with you.

  8. CHEEKUMS BIE says:

    LOL to all the negative comments thus far, it shows that you dont even understand what the signing of this treaty even means, This is an example of how the current government is doing good but others would have you think otherwise or try to throw in bs to go away from the topic at hand..and that is that the PLP is doing an excellent job and making moves. Just goes to show that the hidden comments are made no other than by white racist people or people who are still affected in their mind with white rule. Look how this guy (unimpressed)called him a plp stooge, with no facts to back that up, and the coward would never say this to Mr Browns face especially now that he knows what he looks like and will most definitely see him again.

  9. street wise says:

    “… the hidden comments are made no other than by white racist people or people who are still affected in their mind with white rule …”

    And you have EVIDENCE to back-up that outrageous racist statement…? Or are you again attacking the perceived messenger?! SMH

    • Come Correct says:

      Ever notice most of the plp “die hards” that make all these radical statements inciting race, their little faces on the right are constantly changing? Mine has been married to my name since I started commenting. What’s up with that I wonder? I mean, its clear there are other plp supporters on here and they have that right, but they don’t seem to feel the need to stir the race pot…hmmm interesting, oba “secret troops” huh? What platform will the plp be left with when the race card loses its specialness?

  10. Tax Advisor says:

    Why are we still doing this? Its irrelevant. We are still seen as Tax Havens by the US. Why cant we be like some countries who refuseed to give in. We are our own Soverienty! ahhh Bermuda!

  11. Verbal Kint says:

    Bermuda is seen as a tax haven because it is a tax haven. That’s the main reason why IB is here at all.