Premier To Attend Meetings In UK And Europe
The Premier and Minister of Finance David Burt “will be visiting the UK and Europe this week to participate in a series of key meetings and events aimed at fostering relationships and highlighting Bermuda’s significance as a global business jurisdiction,” the Government said this evening.
A spokesperson said, “The Premier, who departed Bermuda today (Sept. 3), will travel to the UK, Belgium, France, and Ireland to strengthen relations and support Bermuda’s interests and engagement in the region.
“During the UK visit, Premier Burt will meet with the Lord Mayor of the City of London, the Hon. Michael Minelli; representatives of Lloyd’s of London; and attend an event hosted by the UK Foreign Secretary & Commonwealth Secretary General.
“The Premier then travels to Brussels on September 5, where he will participate in several events and activities on behalf of the Ministry of Finance.
“Of note, the Premier and Minister of Finance will hold key meetings with European Commission officials, meet with the UK Mission to the European Union (EU) Ambassador, Lindsay Croisedale-Appleby, and with members of the European Union (EU) Code of Conduct Group. The Premier will also attend the ABIR Annual International Insurance Regulatory Dialogue events, where he will participate in a Sea-Side Chat with Stephen Catlin, Executive Chairman of Convex.
“Additionally, the Premier will jointly host the opening reception to the Regulatory Dialogue with ABIR, during which the five-year anniversary of the Bermuda Government’s Brussels Office will be observed.
“Following Brussels, the Premier will travel to Paris for meetings with OECD officials and then to Ireland, where he will hold meetings with the Irish Minister of Finance and the Lord Mayor of Dublin.
Of the extensive EU visit, Premier Burt said, “Bermuda serves as a global model for international business. We are well known as the risk capital of the world, and over the past 20 years, Bermuda has contributed around $300 billion in claims to European Union and US policyholders and clients. We hope to discuss Bermuda’s strides and success in the financial services sector with our partners in the EU.
“A very important development since our last visit is the introduction of a Corporate Income Tax (CIT), a first for Bermuda. The CIT will apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenue of €750 million or more. Since announcing the CIT last year, Bermuda has remained competitive and a leader in retaining and attracting business as a premier international business jurisdiction. The legislation takes effect on January 1, 2025, so this visit and, therefore, these discussions are quite timely.
“Overall, our message is aimed at reminding our partners of the importance of Bermuda’s role in global insurance and reinsurance markets and highlighting our strong commitment to compliance with international standards, cooperation and transparency. Our experience in crafting and enacting quality regulation, as well as our business-friendly environment, have put us at the forefront. We are very excited about this opportunity and seek to build and foster new relationships and strengthen and enhance existing ones in the region.”
The spokesperson added, “The Premier, who returns to Bermuda on September 11, is supported on this visit by the Financial Secretary, Chidozie Ofoego; Kenneth Joaquin, Registrar of Companies; Kimberley Durrant, Director Bermuda Government’s London Office and Aliyyah Ahad, Head of European Affairs & Policy, Brussels Office.”
