News Release: Hamilton, Bermuda, Monday, March 25, 2019 –  Premier David Burt and Minister of Finance Curtis Dickinson will lead a Bermuda team to Europe for a round of meetings aimed at laying the groundwork for Bermuda’s removal from the EU’s list of non-cooperative tax jurisdictions.

The Premier said: “Through our representatives in London and Brussels we have secured a number of important meetings in London, Paris, Berlin and Brussels this week. It is encouraging that EU leaders in this area have been receptive to our requests and I expect that this level of engagement will provide the ideal opportunity to make the case for Bermuda’s compliance with EU standards.”

The team is expected to meet with Robert Jenrick MP, Exchequer Secretary to the Treasury in London and once in Brussels with Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs as well as  Ambassador Luminita Odobescu, Permanent Representative of Romania to the European Union. Additional discussions will be held with tax officials in both France and Germany as well as with the leadership of the Code of Conduct Group in Brussels.

The Minister of Finance observed: “Our team will have the necessary technical support from the Ministry of Finance as well as the Bermuda Monetary Authority. Together we will be able to address any issues and confirm Bermuda’s position as a well regulated and above all a fully compliant jurisdiction as required by EU standards.”

The Minister added: “I have led a number of meetings with local stakeholders also and continue to work with them in mapping out our plans to achieve Bermuda’s removal from the List. Our industry partners have been a key part of our plans and we will continue to work closely with them.”

The Premier concluded: “We have wasted no time setting about this important task. Our economic substance regime is the law of the land today and there are opportunities  presented for growth in existing sectors and the creation of additional economic activity in Bermuda. Our time in Europe will see us engage with the right people who advise and make decisions on jurisdictional issues like this. We believe we have a strong case to advance and we will do so directly this week.”