Bermuda Roundtable 2017 – Opalesque

Bermuda Roundtable 2017 – Opalesque

Global players woefully unprepared for Cyber, BEPS and Europe's General Data Protection Regulations challenges

Bermuda's sophisticated insurance market is the third-largest in the world, behind London and New York and the only one besides Switzerland to have been awarded Solvency II equivalency with the EU. These insurance, reinsurance and ILS (insurance linked securities) markets have given gravitas and substance to Bermuda's status as an international financial centre. For example, Bermuda's stock exchange lists over 75% of the world's listed ILS.

Since the global financial crisis of 2008 there has been a major shift in the level of transparency and disclosure for tax purposes and also in the way in which governments assist each other in a global effort to stamp out corruption and tax evasion. Bermuda has been a leader in this field since the last century through its involvement with the OECD and the development of tax information exchange agreements and model terms (FATCA, CRS and now CbC). In this context it is also important to note that Bermuda was not listed as one of the 17 "non-cooperative" tax jurisdictions on the recently released EU blacklist. Bermuda has also seen a renaissance its fund industry after legislation was passed in 2013 allowing exempt funds to be set up and started in just one day (page 10).

See full article here: Opalesque | Bermuda Roundtable 2017

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