Bermuda removed from grey list
June 9th, 2009Bermuda was removed from OECD’s grey list of tax havens yesterday. The change was made after the island signed an agreement with the Netherlands to share tax information.
The tax treaty was Bermuda’s 12th Tax Information Exchange Agreement (TIEA). Signing it ensured the island crossed the threshold for inclusion in the list of countries that have substantially implemented the OECD’s requirement in this area.
Bermuda is the first country to be removed from the grey list. It is expected to sign more tax treaties with more OECD countries in the near future.
