Minister Richards Appears On UK’s Sky News

May 3, 2013

br on skyYesterday [May 2] Minister of Finance Bob Richards appeared on Sky News to discuss Bermuda’s decision to negotiate and sign a FATCA Intergovernmental Agreement [IGA] Model 2 with the USA, the UK, and the G5 European Union countries once the G5 European Union Multilateral FATCA is established.

This agreement will essentially result in financial institutions in Bermuda automatically sharing the details of both British taxpayers’ investments located in Bermuda and also the details of persons who are subject to tax in the G5 EU countries under the proposed EU Multilateral FATCA. This would be done directly by Bermuda financial institutions to the tax authority in those countries.

The article was entitled “Tax Havens Open Doors To HMRC,” and said the deal signed by some British Overseas Territories [Anguilla, Bermuda, British Virgin Islands, Montserrat and the Turks & Caicos] to automatically share information with the UK, will include passing on names, addresses, dates of birth, account numbers, account balances and payment details and the move also extends to some accounts held by trusts.

The Minister spoke about the benefits of this decision for Bermuda, and what it might mean for various financial institutions. The full interview, which was conducted via Skype, can be viewed here on Sky News.

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Comments (8)

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  1. Why? says:

    I can see this being the biggest disaster for the OBA….. This may be the turning point for many.

    • Black Soil says:

      Oh contrar. Listen to Bob. Unlike the last Min Of Fin, he knows what he’s talking about.

    • Sandgrownan says:

      In what regard?

    • To Why says:

      FYI The US has taken the same approach under the previous government. Maybe you should research FATCA and perhaps you may stop commenting the way you have.

      • Tommy Chong says:

        Of course the US would since its its the American IRS who initiated the FATCA. It’s a huge leap closer to Novus ordo seclorum & the all seeing eye. Revelation 13:17 will soon be here so I better start catching me some feral chickens & make sure my garden is well tended to.

        BTW not all are welcoming this with open arms. A huge number of brokerage accounts have been closed by US customers of European banks.

  2. Not Surprised says:

    We have no choice to comply with Both the US and UK. We are a tiny spec with nationals from both countries living here. This will be mandated financial reporting. If we do not comply, then there will be consequences. Do you want to have an open relationship with both countries and be considered a safe island. Or do we want to be viewed as outlaws worldwide and then we become a high risk country like so many others? That in itself will reduce our ability to roam the world freely as we choose and as we do now. Before passing judgement find out all information, pro’s and cons. Yes it will be a nuisance and more so for companies and those Nationals from US and UK. But this will not impact us as Bermudians (they don’t care about what you have in the bank unless you’re moving there) in a negative way unless we choose NOT to comply.

  3. Where's the money? says:

    This may be totally irrelevent to the story, but I am making a few suggestions to the Minister of Finance, in hopes get money back in the coffers. 1. Send foreign prisoners back to their countries of origin. (I dont think we should be paying for foreign prisoners as well as our own). 2. Reduce the costs metted out for inmates ($80,000 per year a prisoner; only $60,000 per year for a student- seems idiotic). 3.Start charging students for their bus usage ($2 dont seem too high, as most children have a cell phone). 4. Charge a yearly tuition for students of foreign workers in the public school system (not as much as private school – of course). These may seem trivial, but I feel it may be a start to easing the country’s financial woes. It may also ease the pressure of the hardworking man who usually carry the brunt of these expenses. I am willing to hear from anyone who can share why these ideas cannot work.

    • Moojun says:

      Well, on point 1; Those foreign convicts broke our laws (not necessarily the same laws as their country of origin) therefore it is incumbent upon us to deal with them. And anyway, it would likely mean that all the Bermudians who are currently incarcerated in foreign prisons, for breaking their laws, would then be repatriated to our prison. I reckon that on a net basis we would end up the loser on this trade.