Nordic Countries Announce Forthcoming TIEAs With Bermuda, BVI

by Ulrika Lomas, Tax-News.com, Brussels

31 March 2009

According to Norden, the official site of the Nordic Council of Ministers, the seven nordic countries are to sign tax information exchange agreements and commercial agreements with Bermuda in April and the British Virgin Islands in May.

The tax information exchange agreements are part of a joint campaign by the parties to advance the global efforts to stop tax evasion.

The tax information exchange agreements will enable the tax authorities to access information about any persons who are seeking to evade payment of tax on income and capital investment activities and will also help in disclosing assets that have not been reported in their home country. Information to be exchanged includes information on beneficial ownership of companies in the whole ownership chain; settlors, trustees and beneficiaries of trusts, and information held by banks and financial institutions, noted the Nordic council’s release.

The agreements with Bermuda will be signed at a ceremony at the Swedish Embassy in Washington on April 16. The agreements with the British Virgin Islands will be signed at a ceremony held in conjunction with the Nordic Council’s Finance Ministers meeting in Reykjavik on May 18.

The agreements are a continuation of a comprehensive project undertaken by the Nordic countries, who have already entered into similar agreements with the Isle of Man, Jersey and Guernsey and will also sign such an agreement with the Cayman Islands in Stockholm on April 1. Furthermore, advanced negotiations are currently underway with Aruba, the British Virgin Islands and the Netherlands Antilles. Negotiations are also ongoing with other jurisdictions.

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