Groups Committed To Working With Government

March 12, 2019

Bermuda’s industry groups have pledged support for the “market’s long-respected record on compliance and tax-transparency and are backing the Bermuda government’s efforts to expedite the island’s removal from a European Union list of ‘non-cooperative’ jurisdictions.”

The EU has been requesting that nations and jurisdictions around the world adhere to tax and business practices they set as they seek to influence what they deem to be “tax good governance worldwide,” and earlier today, the EU announced that Bermuda was one of ten jurisdictions they placed on their ‘non-cooperative jurisdictions for tax purposes’ list, stating that “Bermuda facilitates offshore structures and arrangements aimed at attracting profits without real economic substance and has not yet resolved this issue.”

Speaking at a press conference earlier today, Finance Minister Curtis Dickinson said, “We must be united to work to ensure that Bermuda is removed from the list, and I am confident that this unwarranted inclusion will be reversed at the earliest opportunity.”

Premier David Burt, Finance Minister Curtis Dickinson and industry representatives at today’s press conference 

bermuda industry March 12 2019

“Bermuda is a world-respected platform for business that has always adhered to the gold standard,” said Roland Andy Burrows, CEO of the Bermuda Business Development Agency [BDA].

“We stand firmly behind that reputation, and we commend our government’s consultative approach with the EU to date. Our industry stakeholders are committed to working with the government and regulators to ensure Bermuda is recognised as fully compliant. We look forward to a positive result as soon as possible.”

Patrick Tannock, Chair, Association of Bermuda International Companies [ABIC] said, “ABIC has been supportive throughout this process and is committed to continuing to work collaboratively with other industry groups to support the Bermuda government in its efforts to meet EU requirements.”

John Huff, President & CEO, Association of Bermuda Insurers & Reinsurers [ABIR] said, “We have every hope today’s EU determination will prove temporary. While ABIR understands there is no immediate tangible impact to Bermuda or its markets, we are appreciative of the Bermuda government’s commitment to remedy the designation as soon as possible. There is bipartisan and industry consensus in Bermuda to meet international standards.

“The Bermuda re/insurance market is a valuable partner in the EU and has paid over USD$72 billion to EU policyholders and cedents over the past 20 years. ABIR is confident policymakers will act in the best interests of consumers to ensure continued level-playing-field access to our market’s claims-paying capital and risk-management expertise.”

Craig Bridgewater, Chair, Alternative Investment Management Association [AIMA] network in Bermuda said, “As the advocate for Bermuda’s asset management sector, the AIMA network in Bermuda fully affirms this jurisdiction’s efforts to consistently meet the highest global standards on tax cooperation and transparency. We support the Bermuda government’s determination to have that long-standing reputation recognised and to achieve a positive EU designation for Bermuda.”

Sylvia Oliveira, Director, Bermuda International Long Term Insurers & Reinsurers [BILTIR] said, “The government of Bermuda assures us it is working at the highest levels to rectify the unfortunate placement of Bermuda on the EU’s list of non-cooperative jurisdictions. As a staunch member of Bermuda’s global business market, BILTIR stands firmly behind the island’s top-tier reputation. Our collective view is that Bermuda is a leader in tax transparency and compliance and continues to be a great place to do business.”

The 18-minute replay of today’s press conference

Kathleen Bibbings, President, Bermuda Insurance Management Association [BIMA] said, “Bermuda’s captive insurance sector, like other industry partners throughout our market, has a long, proven track record of cooperation and transparency, and as a jurisdiction, we’ll work with the EU to meet requirements. We remain confident that Bermuda’s full compliance will be confirmed shortly.”

Keith Robinson, Chair, Society of Trust and Estate Practitioners [STEP] Bermuda said, “The Bermuda trust industry is well-regulated and Bermuda rightly regarded as a leading trust domicile. Our industry will continue to support the efforts of the government of Bermuda to see Bermuda removed from the list of ‘non-cooperative’ jurisdictions at the first opportunity.”

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Comments (23)

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  1. Joe Bloggs says:

    Finance Minister Curtis Dickinson said, “We must be united to work to ensure that Bermuda is removed from the list, and I am confident that this unwarranted inclusion will be reversed at the earliest opportunity.”

    Thank you Minister. It is a relief to know that the PLP Government will work with the rest of us to correct the mistake we made last December.

    • Time Shall Tell says:

      Joe Bloggs It’s time to grow up & leave petty divisiveness behind, party politics has stagnated Bermuda’s progress for far too long. All that ever happens after any given election no matter the winner is the opposition party tries to smear & tear down anything the party in power does. Just because you’re the opposition doesn’t mean your only job is to oppose (that goes to both parties), offer alternatives, compromises, something other than just tearing each other down. At the end of the day, all we have are two groups arguing over who’s going to be the captain of the ship with the gaping hole in its’ side instead of working to save the sinking ship collectively. This is if there was ever a time that we all need to move forward as one for a better Bermuda.

      • Joe Bloggs says:

        Thank you for your observation, however I am not and have never been a member of any political party.

        Neither I nor any group i’m affiliated with is the opposition.

        I am just an average Bermudian

      • Question says:

        Funny how when the PLP screws up badly suddenly everyone wants to ‘leave party politics behind’ and ‘work together’.

        This was a disaster. Who was fired? No one. Who lost their job? No one. Who was accountable? No one.

        • wahoo says:

          So true this government have spent most of their time in office throwing mud at the OBA as if they were still in their divisive campaign mode. Suddenly we should all come together? People should be fired they have screwed up massively!

      • Trufth says:

        Oh, so NOW you’re all about working together?

        Translation: the PLP royally screwed up and needs the OBA/ubp/BDA to dig them out.

        • truthertz says:

          Rinse and repeat.

          They had no intentions of ever working with an OBA Government and actively sought to put up obstacles around any sort of OBA Government initiative even to the point of threatening violence and shutting down our duly elected Parliament twice!

          Now that their team screws up all I see from these talking heads is need for bipartisanship and coming together. No one ink their right mind should take these calls for unity as being sincere. They never will be.

        • aceboy says:

          Look up one article and you will see this:

          One side of the mouth calls for bipartisanship, the other, not so much.

      • inna says:

        And who caused that “gaping hole” in Bermudas side?!?

        • Time Shall Tell says:

          & on cue here comes the petty divisiveness bringing nothing but a distraction to the table rather than putting all that mess aside & working to put Bermuda in a better place. Obviously, not one of you know me or have paid any attention to any of my posts on here otherwise you would see I call out both parties & have always said party politics aren’t good for Bermuda. Either way rather than shooting the messenger, heed the message & stop with the childish pettiness.

          • question says:

            The point of this is that someone should be accountable for the obvious gross incompetence and its consequences.
            The incompetence in this case causes an existential threat to Bermuda’s economy. Holding someone accountable is not a “distraction” or “petty divisiveness”. This should not be swept under the carpet to protect the people who should have been doing their jobs.

            Particularly as we know meetings were deliberately skipped, and deadlines were missed.

          • aceboy says:

            Did you see Wayne Furbert’s “column”? Just one article up. Not exactly “petty” divisiveness in that complete distortion of the facts and nothing resembling bipartisanship.

        • Ringmaster says:

          @Time Shall Tell. Could you point out all those comments you posted where you opposed the Combined Opposition at the time, when they closed Parliament, shouted down public meetings and generally did everything to stop progress under the OBA? Since you can’t, stop the faux outrage.

          • Time Shall Tell says:

            Thank you all for your contribution of shining examples of the exact pettiness & divisiveness I was speaking of & thus proving my point. All this energy wasted on things that don’t matter & yields no worth yet if we all put our efforts together for something worthwhile we could actually accomplish something with meaning. But I guess a little maturity is too much to ask around here.

            • Ringmaster says:

              The PLP have never wanted to be inclusive. Divisiveness wins them elections which is they want. The power. Well they now have the power and look what has happened. After months of pettiness attacking the UK, the EU the OBA and you name it, they have royally screwed Bermuda. Anyone who ofers assistance is rebuffed. “We don’t care what you think” sound familiar? Well it’s come home to roost.

            • lav says:

              The plp is exclusive. They’ve stated this many times.
              The plp, and its followers, have a lot of hatred for the minority of the population.
              You have nothing to stand on
              Go away, you hate bermuda, but have no skills or ability to leave, so you make it miserable for everyone, often in gods name.
              You’re pathetic.

  2. sandgrownan says:

    Well, I think we’d all get behind the initiative, business and government. It’s in everyone’s best interest.

    Doesn’t change the fact that we’re in this predicament because of the PLP government’s incompetence.

  3. LaV says:

    “Just because you’re the opposition doesn’t mean your only job is to oppose ”

    That’s why the plp won, the electorate is stupid.

  4. Ringmaster says:

    The headline should actually read “Government committed to working with Industry Groups” as it is the Government that has failed Bermuda’s creators of wealth through incompetence. With the massive Civil Service Bermuda can’t comply with deadlines and requirements, yet far smaller jurisdictions have no such problem.

  5. PLP Amateur hour says:

    It’s obvious that this Government is too incompetent to get this done so thank you all your help because God knows they aren’t able to run this country without it.

  6. WTF says:

    What a Farce.
    I read the BDA CEO’s comment “we commend our government’s consultative approach…”.
    What a joke, Consultative approach?? Like the ATV’s or the Corporations?
    The previous BDA CEO would have never let this happen.
    He knew what he was doing and wouldn’t just come out with hollow platitudes.
    Well, you get what you pay for and (because of the ballot box) each democratic country gets the government they deserve.

    • Joe Bloggs says:

      The BDA is walking a fine line. If it alienates the Government (whether PLP or any other party) it will have no line of communication and no influence. Such organisations have to work with the Government of the day in order to have any influence and in order to seek to keep the Good Ship Bermuda on an even keel.

      • Ringmaster says:

        I made a comment on another article to the effect that these groups should never have appeared at this press conference. They should be apolitical. Premier Burt has accepted the buck stops with him. This makes it a PLP issue, not Governmental.