So Bermuda has been taken off France’s tax blacklist. That’s good news, because even though Bermuda has never exactly seen a flood of French money coming to the island, it’s an influential part of the European Union and being on the list did Bermuda’s no reputation no good.
More interesting was Finance Minister Bob Richards’ public expression of gratitude for Governor George Fergusson and UK Chancellor of the Exchequer George Osborne for their help in getting Bermuda off the blacklist.
Bermuda’s dealings with the UK on tax issues have been a little, well, uneven, so this latest move is welcome from that point of view.
The move comes one day after Bermuda signed on to FATCA with the US. That was probably the right thing to do, but the US approach to tax is galling. Why is it virtually the only country (although the contagion is spreading) that thinks it can tax anyone with the slightest connection to the US, regardless of where they earn their money?
No wonder the number of people surrendering their US citizenship is growing.
- Minister: UK Involved In France ‘BlackList’ Issue (bernews.com)
- Bermuda Signs FATCA IGA Model 2 With UK (bernews.com)