Bermuda makes OECD 'white list'

Bermuda has been added to the Organisation for Economic Co-operation and Development's (OECD) white list of offshore jurisdictions, having signed its twelfth Tax Information Exchange Agreement (TIEA) with the Netherlands.

The "White List" recognises offshore jurisdictions which have "substantially implemented the internationally agreed tax standard".

Bermuda joins the offshore centres of Barbados, Guernsey, the Isle of Man, Jersey, Malta and Mauritius on the White List, having signed nine agreements in just two months.

It has signed its 12 TIEA agreements and is arranging signing dates with Canada, Germany and Mexico.

"Bermuda wholeheartedly endorsed the OECD's objective and is especially pleased to note the April 2 progress report, or grey list, has been updated and that Bermuda is now included on the revised white list," says Paula Cox, Bermuda minister of finance.

"We will now continue to build upon our long-standing position on transparency and cooperation, which has, through the years, differentiated Bermuda from other jurisdictions," she says.