Ministry Responds To France “Tax Haven” List
France has added Bermuda to its “list of uncooperative tax havens” and Bermuda’s Ministry of Finance has contacted the French government seeking to resolve the issue.
Earlier today Reuters reported that France has added Jersey, Bermuda and the British Virgin Islands to its “list of uncooperative tax havens.” Their report also noted that according to data compiled by the French government through to August 2011, Bermuda had responded to all French requests for information.
The three centres join seven smaller financial centres that were already on the list: Botswana, Brunei, Guatemala, Marshall Islands, Montserrat, Nauru and Niue. The Philippines was removed from the list, the Financial Times reports.
A spokesperson said, “The Government of Bermuda is surprised by reports that the Territory is to be included in France’s list of offshore financial centres with which France has issues, particularly as Bermuda has an existing exchange of information agreement (TIEA) with France, one of 39 bilateral transparency agreements Bermuda has, including with 90% of the G20 countries. Bermuda is also vice chair of the steering group for the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.
“Bermuda’s Ministry of Finance has contacted officials within the French government seeking clarification regarding this action and stating Bermuda’s position as we seek to resolve this issue.
“Bermuda anticipates all of its internal processes for automatic exchange of information instruments such as US and UK FATCA IGA Model 2 and the Multilateral Convention will be completed by the end of September 2013, and envisages any entry on France’s list will therefore be very short-lived or never happen if in fact that list is to be effective later than 2013.
“Bermuda has stated publicly that it supports the proposed G5 / EU multilateral pilot based on US FATCA and will sign-on when the multilateral exchange of information pilot is ready for adoption.
“More generally, Bermuda is recognised as complying with the highest international standards on tax transparency and compliance.
“Bermuda recently underwent a combined Phase 1 and Phase 2 OECD assessment which was very positive and determined that the Territory not only has the legislative procedures in place but has an active exchange of information regime in place with its tax treaty partners.”
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Haven’t we signed a TIEA with them?
And don’t others find it irritating, and slightly obnoxious, that because we do not have the same tax laws as other countries we are labeled a “tax haven.”
If you want to see a real tax haven, then look up on how Delaware conducts its affairs.
I realise that this is simply political posturing by countries that cannot get their own tax laws in order, but this borders on the ludicrous.
Mr. Premier and Finance minister,
Bermuda as far as been reported has met all requirements and the french are running around in a hay stack looking for needles, so listen my family roots is Italian but we are some of if not the best black french/Italians to be found anywhere.
So give me a ticket to go and represent Bermuda and I will assure you they would have a dose of french that they will remember for a life time,this is utter nonsense. The Hon:Paula Cox when Premier and Finance minister did a great job with the issue on Bermuda being or not being a tax haven, so in closing because they do read Bernews over there.
To the french, go take a fluke down de road before you get a ber mu da vip lash.
would that be the same France that is coming out of recession (unlike Bermuda) offers excellent health benefits to all its citizens, welcomes all comers as long as they assimilate, has the department of St Barts (that is where the rich people that used to go to Bermuda can now be found), where the average person eats fabulous local fresh food. Has accepted gay marriage.
Please do tell me what exactly will you “whip lash” them with?
Pray do tell. and please do tell, don’t just pray.
As I said I know good french so don’t test the waters with your comments that represent a whole different agenda,so take all your kind and go to FRANCE, FLAN BOY ANT DUST MITES.
Thats the plan ace boy, just one more sack of $$$ from the rock before departure.
Thank’s for calling me ace’boy and not girlfriend because I am not one of your kind.
we dont care what the FROGS think!
I really dont understand why we are appeasing these other countries. We’re basically allowing them to kill one of our industries. They can’t get their tax laws to work so they cone after us. Sorry but we do just fine thanks.
We should declare war with them, we still have pure 500 conscripted soldiers.
well…were not doing just fine.
Thank you OBAMA for getting ahead of the game with that TIEA with France for situation such as this.
*OBA … curse you autocorrect.
Get your actual facts correct (before worrying about your computers spelling auto correct), Bermuda signed the tax information exchange agreement (TIEA) with France on October 8th, 2009……
The french always have a problem…… if it doesnt benefit them, they snob you. If I was Bob Richsrds, I would fly all the way there and give them a royal telling off. We cant help thst our business model looks more glamorous than theirs.
The French are pissed at the UK – but they don’t have the balls to say it – so they are going after UK linked countries… typical wet French tactics… 75% tax on their high earners, many of whom are fleeing to the UK (or Russia, or Belgium…).
patdon moi says:
August 29, 2013 at 7:59 pm
The french always have a problem…… if it doesnt benefit them, they snob you. If I was Bob Richsrds, I would fly all the way there and give them a royal telling off. We cant help thst our business model looks more glamorous than theirs.
I didnt know Bob was a Queen!…wow,learn something new everyday in bermuda.
It was not to long ago that the OBA finance minister Bob Richards pour scorn the former PLP premier and finance minister Paula Cox’s eforts to sign as many tax agreements with counties that Bermuda could. In fact he made the statement that he saw no sense in doing this because the goal posts in this regard was bound to be move. Now he express shock that the French has put Bermuda on a tax haven black list It has long been written in the stars that the new world economic order sees no role for low tax regimes like Bermuda which has put all it’s economic eggs in the international business basket.The idea of off shore mining in the waters around Bermuda is been ridicule by some; but we better hope that could be Bermuda’s next economic engine because it will not be to long before the botton fall out on our current economic engine.
OK, now send all the french in Bermuda home on the next flight out of here. That will teach’um.
(Tongue firmly in cheek)
Interestingly, Jersey also has a TIEA with France and equally does not know why it has been included without warning. It seems someone in the French government has run amok and now the French government is refusing to answer questions as to why these 3 jurisdictions have been added to the list. The BBC in London has asked, the French government has not answered.
To the French anywhere with less than 60% income tax is a tax haven.
Moody opinionated socialists. That’s all their Government is. Taxing the breath out of their productive citizens to buy votes for the next election with free hand outs.