Bermuda Discusses Savings Tax Directive Concerns With Swiss Authorities

by Mike Godfrey, for LawAndTax-News.com, Washington

10 August 2005

According to a report in the Royal Gazette this week, Finance Minister Paula Cox last week headed a delegation to Berne in Switzerland to discuss the impact of the European Savings Tax Directive on Bermuda.

Meeting with officials from the Swiss Federal Tax Administration, Ms Cox reportedly raised concerns that despite not being directly affected by the Directive, entities domiciled in Bermuda could be adversely impacted if they deal with service providers located in EU member states or third party countries (such as Switzerland) that have signed up to the legislation.

In a statement released following the visit, Ms Cox announced that:

"The delegation of senior Swiss tax officials with whom we met were very well briefed and understood Bermuda's concerns about the impact on our funds sector."

She continued:

"Our delegation submitted a written brief together with a copy of Bermuda's Collective Investment Scheme regulations."

According to the Royal Gazette, Ms Cox was joined on the trip by Financial Secretary Donald Scott, Economic Policy Adviser Dr. Andrew Brimmer, Legislative Consultant Shauna MacKenzie, Conyers Dill & Pearman partner John Collis, CITCO Fund Services' Ian Pilgrim, and an official from the British Embassy in Berne, Martin Webber.

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