Bermuda avoids tax haven blacklist
April 4th, 2009Bermuda has been placed on a ‘grey list’ of countries that need to substantially implement an internationally agreed tax standard.
The list was published at the end of the G20 meeting in London by the Organisation of Economic Cooperation and Development (OECD).
The ‘grey list’ comprised countries that had not signed Tax Information Exchange Agreements (TIEAs) with at least 12 other countries.
Bermuda currently only has TIEAs with the US, UK, and Australia.
The island did, however, avoid being blacklisted and not committed to an internationally agreed tax standard.
The blacklisted countries were Malaysia, Costa Rica, Philippines, and Uruguay.
The other countries on the ‘grey list’ were Andorra, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Bahrain, Belize, British Virgin Islands, Cayman Islands, Cook Islands, Dominica, Gibraltar, Grenada, Liberia, Liechtenstein, Marshall Islands, Monaco, Montserrat, Nauru, Antilles, Niue, Panama, St Kitts and Nevis, St Lucia, St Vincent & Grenadines, Samoa, San Marino, Turks and Caicos Islands, and Vanuatu.
