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Stories that are tagged 'Bermuda'

Guernsey Finance Influential In MENA Region
5/23/2012
Guernsey Finance, the promotional agency for the island’s finance industry, has been named as one of the 50 most influential organizations working within the Middle Eastern and North African funds industry.
Bermuda To Hold Referendum On Gambling
5/22/2012
The government of Bermuda has announced that the territory will soon hold a referendum to decide whether to move ahead with proposals to allow taxed gambling in the island, to open up new opportunities for international investors, boost employment, and increase the territory's appeal to tourists.
Qatar DTA Will Boost Investment In Bermuda, Says Cox
5/11/2012
Bermuda's Premier, and Minister for Finance, Paula Cox, has stressed that the signing of a Double Tax Agreement with Qatar will significantly strengthen the territory's ability to act as a western hub for the Islamic financial services industry.
Regulatory Change To Drive Onshore Fund Growth
5/9/2012
French hedge funds and the securities regulator AMF believe the Alternative Investment Fund Managers Directive will - more than UCITS - boost investor confidence in hedge funds and pave the way for potentially significant asset growth.
Offshore Merger And Acquisition Activity Rises
5/9/2012
A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
Bermuda Financial Services Conference Hailed Success
4/30/2012
Bermuda has welcomed the success of the Annual Bermuda Financial Services Conference, held in London on April 24, 2012, which attracted an audience of more than 260 leading lawyers, accountants and financial services executives.
Bermuda Signs TIEAs With Italy, Malaysia
4/27/2012
Bermuda Premier Paula Cox on April 23 signed additional tax information exchange agreements with Malaysia and Italy in London.
Bermuda Concludes Marketing Push In China
4/26/2012
Business Bermuda, the promotional agency for the territory's financial services industry, has concluded a week-long business development and relationship-building trip in Shanghai and Beijing mirroring the decisions of other small, low-tax, financial centres targeting the region as a new source of financial services growth.
Captive Insurers Increasingly Staying Onshore
4/20/2012
Corporates are more likely to form new captive insurance entities in onshore territories, such as in the United States and the European Union, and to opt for alternative captive structures, according to the findings of a new report.
Bermuda Signs MLAT With The US
4/23/2012
Bermuda's Prime Minister Paula Cox has noted the recent conclusion of a new Mutual Legal Assistance Treaty with the United States, which will significantly boost cooperation between the nations, and aid the countries in more effectively tackling financial crime.
Bermuda Remains Attractive To Reinsurers
4/17/2012
Bermuda has attracted eight highly-capitalized reinsurers holding Class 4 licenses in the past five years, with more than USD8bn in fresh capital, highlighting the territory's capability, and growth potential, as a top three reinsurance centre globally despite increased competition and the financial crisis, the government has said.
Bermuda Welcomes Significant New Reinsurer
4/10/2012
The Bermuda government has welcomed the news that a new reinsurance entity will set up shop in Bermuda from June 1, 2012, as part of a joint venture between Validus Group and hedge fund manager John Paulson.
OECD Issues New Peer Reviews
4/5/2012
The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
Bermuda Slashes Fees For Special Purpose Insurers
3/30/2012
The Bermuda Monetary Authority has announced its decision to almost halve registration fees for Bermuda Special Purpose Insurers.
Guernsey Is Europe's Captive Domicile Of Choice
3/22/2012
Newly-published research from Business Insurance magazine shows that Guernsey has extended its position as the largest captive insurance domicile in Europe and remains number four globally.
Bermuda Banking Industry Resurgent
3/21/2012
The Bermuda Monetary Authority has published statistics for the territory's banking industry during 2011, showing that total assets rose by 6% in Q4 2011 and 9.3% year on-year.
South Africa Extends Its TIE Network
3/6/2012
The South African Revenue Service has disclosed that a protocol to facilitate the exchange of tax information within the existing double taxation agreement between South Africa and Austria has recently entered into force, as have tax information exchange agreements with Bermuda, the Cayman Islands, Guernsey, Jersey and San Marino.
Bermuda Announces 2012 Budget
3/5/2012
Bermuda's Finance Minister Paula Cox has released the territory's budget for 2012, containing a number of tax measures to boost tax revenues and employment.
Bermuda Insurance Sectors Withstand Challenging 2011
3/2/2012
The Bermuda Monetary Authority has announced that the Bermuda insurance market remained resilient and continued to absorb the impact of adverse events, including a continued softening of prices, low interest rates and above-average losses from natural catastrophes during 2011.
UK, Caribbean Talks Focus On APD
1/25/2012
Leaders from Caribbean nations and the United Kingdom agreed at the end of a two-day summit an action plan to establish 'a new and improved strategic partnership to promote prosperity'. Importantly, the UK government committed to reopen negotiations to mitigate the impact of the UK's air travel tax on Caribbean territories.
Bermuda Signs TIEAs With South Korea, Turkey
1/25/2012
Tax information exchange agreements, which incorporate the internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information for tax purposes, have been signed between Bermuda and both South Korea and Turkey.
Hague Seeks 'Modern Relationship' With Overseas Territories
1/23/2012
The British Foreign Secretary William Hague has announced that he will lead one of the strongest ever delegations of UK ministers and senior officials to attend the UK-Caribbean Ministerial Forum to coincide with the government's review of its relationship with its overseas territories.
Bermuda To Withstand Competition
1/17/2012
In a spirited address to Bermuda's House of Assembly, Bermuda's Premier and Minister of Finance Paula Cox sought to allay fears that the Cayman Islands, in its proposals to diversify its economy to attract insurance companies, could present a challenge to Bermuda's position as the world-leading domicile for (re)insurance entities.
Bermuda Responds To UK's OT Review
1/11/2012
Bermuda has raised a number of issues for discussion with the United Kingdom as part of a consultation raised by the UK government on strengthening its relationship with its Overseas Territories, providing insight into Bermuda's policy trajectory for coming years.
AIM-Listed Firms Prefer IoM
1/5/2012
Research commissioned by the Isle of Man government shows that the Isle of Man continues to dominate the market as a domicile of choice for companies listed on London's Alternative Investment Market.
Bermuda Publishes Pre-Budget Report
12/19/2011
The Bermuda government is considering a number of tax measures for the 2012 Budget, to continue to consolidate the territory's fiscal finances, and reinvigorate economic growth and encourage job creation, according to a pre-budget report from the island's Finance Minister, Paula Cox.
Cayman To Target Reinsurance Business
12/15/2011
Cayman Islands Premier McKeeva Bush has outlined plans to introduce a streamlined work permit regime to encourage reinsurance business to the islands.
Bermuda Amends Insurance Regime
12/13/2011
Bermuda's House of Assembly has passed amendments to the island's legislative regime for the insurance industry, and set fee levels for 2012.
Bermuda Lays Down Welcome Mat For Investors
12/12/2011
Bermuda's Premier, Paula Cox, has outlined details of the government's Incentive for Job Makers Act 2011, which will ease work permit and residency restrictions for senior management and wealthy investors, a move which is expected to boost Bermuda's appeal as an international financial centre.
UK To Enhance Relationship With Overseas Territories
11/28/2011
At the annual meeting of the Overseas Territories Consultative Council, the United Kingdom's Foreign and Commonwealth Office highlighted progress made in strengthening its relationship with its Overseas Territories.
Bermuda, Malta Conclude TIEA
11/28/2011
The Bermuda government has welcomed the signing of a landmark Tax Information Exchange Agreement with Malta, which will establish a legal platform to allow the respective countries to exchange information in tax matters on request.
Canada Approves Use Of BSX Securities In Retirement Savings Plans
11/17/2011
The Bermuda Stock Exchange has announced that the Minister of Finance for Canada has approved the addition of the exchange to the list of designated exchanges under Canada's Income Tax Act.
Bermuda Makes Strides On Solvency II Equivalence
10/27/2011
The Bermuda Monetary Authority in its latest Regulatory Update for the third quarter of 2011 said that significant progress has been made on Bermuda's equivalence with the European Union's Solvency II principles, which require that insurance companies maintain financial buffers against the risk of insolvency.
US Reinsurance 'Loophole' Closer Reintroduced
10/18/2011
Legislation has been reintroduced in both the United States House of Representatives and the Senate to close what is called an 'unintended tax loophole' that provides foreign-owned insurers a significant advantage over their US competitors in serving the domestic market.
India Rapidly Expanding Tax Agreement Network
10/17/2011
India is playing a major role in the global crusade against black money and has completed negotiations for 16 new tax information exchange agreements, according to the chairman of the Central Board of Direct Taxes M C Joshi.
BMA Notes Surge In Insurance Company Registrations
10/13/2011
The pace of insurance company registrations in Bermuda has picked up, bolstered primarily by a rise in special purpose insurers, according to new figures from the Bermuda Monetary Authority.
CARICOM Welcomes Progress Towards FTA With Canada
10/5/2011
Caribbean Community Secretary-General Irwin LaRocque has welcomed progress towards the CARICOM-Canada Trade and Development Agreement, and praised Canada's 'keen and earnest approach'.
Bermuda Warns Of Imminent Reclassification Deadline
9/27/2011
The Bermuda Monetary Authority has issued a last reminder that any remaining Long-Term insurers who have not yet submitted the necessary documents for reclassification have just days to do so. Failure to comply with the requirement could result in the cancellation of insurers' and reinsurers' registration.
Bermuda To Target Aerospace Companies
9/20/2011
In meetings with members of the financial community with investments in the space sector, Bermuda's Minister of Environment, Planning and Infrastructure Strategy, Walter Roban, announced that the government is seeking to reform the investment climate for the sector, to establish Bermuda as an attractive, tax-efficient territory in which to base operations.
Bermuda, South Africa Sign TIEA
9/7/2011
A tax information exchange agreement between their two countries was signed on September 6 by Bermuda’s Premier, Paula Cox (pictured), after it had been signed in South Africa by the Minister of Finance, Pravin Gordhan, and then couriered to Bermuda for signature.
Bermuda Reminds Insurers Of Reclassification Requirement
9/5/2011
Following guidance released previously, the Bermuda Monetary Authority has reminded those companies operating as Long-Term Insurers to comply with the requirements of the Insurance Amendment (No. 3) Act of 2010 by submitting paperwork to be reclassified.
Guernsey Praised In Captive Insurance Report
8/31/2011
Guernsey’s position as one of the leading captive insurance domiciles globally has been reinforced by the results of a new study into the sector.
Bermuda Insurance Company Registrations Up
8/29/2011
The pace of insurance company registration in Bermuda has picked up, bolstered in the main by a rise in special purpose insurers.
Bermuda Meets Key Solvency II Criteria
8/23/2011
Bermuda’s regime for commercial insurers meets the criteria for Solvency II equivalence, according to the European Insurance and Occupational Pensions Authority.
Bermuda, Czech Republic Ink TIEA
8/18/2011
A tax information exchange agreement has been signed between Bermuda and the Czech Republic following the internationally-agreed standard.
BMA Publishes 2010 Annual Report
7/29/2011
Bermuda's regulatory authority has released figures on the fund, insurance and banking sectors for the 2010 year.
UK CFC Reforms Endorsed
7/28/2011
The Bermuda-based insurance firm Lancashire Holdings is to move its tax base to the UK in order to benefit from planned changes to the UK's Controlled Foreign Company rules.
Bermuda Amends Insurance Regulatory Regime
7/25/2011
The Bermuda Monetary Authority intends to allow Class 3A insurers to use pre-approved internal capital models for solvency reporting purposes, in an attempt to further strengthen the jurisdiction's regulatory framework.
Conyers Advises Bermuda Company's AIM Listing
7/25/2011
Conyers Dill and Pearman has advised Jellybook Limited on its admission to trading on the AIM market on the London Stock Exchange. Jellybook is only the third Bermuda company to be admitted to AIM since 2007.
Bermuda Issues Q1 Financial Services Data
7/15/2011
The Bermuda Monetary Authority has released its latest regulatory update, containing figures for the first quarter of 2011, and providing year-on-year statistics in respect of the island's financial services industry.
Bermuda Leads Adoption Of Insurance Reporting System
7/8/2011
Bermuda's role in the development of a new computer-based insurance reporting system has been recognised in a new report, leading its regulatory authority to stress the positive impact such software can have on the industry.
Bermuda's Influence In EU Rising
7/7/2011
Bermuda Premier Paula Cox has said that her 'unprecedented' meetings with key European Union representatives demonstrate that Bermuda's position as a reputable international financial centre is strengthening.
Insurance Firms Count Catastrophe Costs
7/6/2011
Natural disasters continue to impact on the Bermudan insurance industry, as "unprecedented" catastrophe losses mount up.
Indonesia, Bermuda Sign TIEA
6/28/2011
Bermuda’s Premier Paula Cox and the Indonesian Ambassador for the UK and Northern Ireland, Yuri Octavian Thamrin, have signed a bilateral tax information exchange agreement in Indonesia’s London Embassy.
Canada Expanding TIEA Network
6/6/2011
Canada's network of tax agreements is in the process of substantial expansion, with the entry into force of two tax information exchange agreements, and the commencement of negotiations on four others announced by the Department of Finance.
Bermuda Announces Transparency Law
5/26/2011
Bermuda is to amend key elements of its business legislation in a bid to comply with Organization of Economic Cooperation and Development recommendations and meet international standards on tax transparency.
Offshore Regulators Discuss Insurance Industry
5/18/2011
Bermuda has played host to an important gathering of insurance regulators, where global regulatory issues, supervisory matters and significant jurisdictional developments were discussed.
Onshore Domiciles Attract Captive Formation
5/6/2011
Companies are increasingly looking to onshore US domiciles when choosing to form captive insurance firms, the aggregate premium levels of which have increased substantially, according to a new report by the insurance broker and risk adviser Marsh.
Bermuda Open For Islamic Investment
5/5/2011
The Bermuda Monetary Authority has released a set of guidelines outlining the regulatory requirements necessary for the establishment of Islamic investment funds in Bermuda, designed to promote understanding, compliance and investment levels.
Bermuda Issues Q4 2010 Financial Services Data
5/2/2011
The Bermuda Monetary Authority has released its latest regulatory update, containing figures for the final quarter of 2010, and providing year-on-year statistics in respect of the island's financial services industry.
Bermuda Insurers Braced For Further Losses
4/26/2011
The Bermuda reinsurance market will pay out substantial proportions of the total claims liabilities for the recent succession of natural disasters, including over half of the claims for the New Zealand earthquake.
Insurance Firms Count Cost Of Natural Disasters
4/13/2011
Bermuda's insurance companies have begun counting the cost of the series of natural disasters that have struck thus far in 2011, with preliminary estimates for the recent Japanese earthquake and tsnuami running into hundreds of millions for some individual firms.
Offshore Banking Body Rebrands
4/11/2011
Having broadened its role as a representative on behalf of numerous offshore financial centres in issues pertaining to financial sector regulation and best standards, the Offshore Group of Banking Supervisors has decided to rebrand itself the 'Group of International Finance Centre Supervisors’.
Bermuda Launches Workshops For Insurance Industry
4/6/2011
The Bermuda Monetary Authority has launched a series of sessions and workshops for the insurance sector, designed to promote awareness and understanding of impending regulatory changes.
Bermuda Insurers Count Cost Of Quake
3/16/2011
Insurance companies are beginning to contemplate the cost of the earthquake and tsunami that hit Japan on March 11, with estimates running into the billions. Countries with a large re/insurance industry, such as Bermuda, could be particularly hard hit.
Bermuda Budget Delivers Payroll Tax Cut
2/21/2011
Bermuda is to see a 2% cut in payroll tax rates during 2011-2012, according to Premier and Minister of Finance Paula A. Cox. Cox delivered the country's 2011-2012 Budget Statement on February 18 and spoke of Bermuda's "bleak outlook" and the measures she would take to "help us win the future by resetting the dial".
Bermuda Announces Moratorium On Work Permits
2/16/2011
The Bermuda government has announced a temporary moratorium on work permits for certain classes of workers, 'to ensure that opportunities remain available to Bermudians' during the downturn.
Mexican Tax Change To Boost Bermudian Business
2/11/2011
A change in Mexico's tax laws will benefit Bermudian entities doing business in the Central American country, particularly those in the insurance sector, says Bermuda's Prime Minister Paula Cox.
Caribbean Sharpens Response To Financial Crime
1/19/2011
In an effort to sharpen the regional response to transnational organized crime, the Caribbean Community Implementation Agency for Crime and Security and the Caribbean Financial Action Task Force have signed an agreement, laying down a framework for combating financial crimes including money laundering.
Ironshore Announces Irish Hub
1/10/2011
Leading insurer, Ironshore Inc has announced the formation of Ironshore Europe Limited, in Dublin, Ireland.
Bermuda Enacts Investment Funds Amendment Act
1/3/2011
Conyers Dill and Pearman have noted that the Investment Funds Amendment Act 2010 received the assent of the Governor General on December 22, 2010, amending the Investment Funds Act 2006, making new provisions for the regulation of investment funds in Bermuda.
Bermuda Extends Insurance Code Compliance Deadline
12/29/2010
The Bermuda Monetary Authority has extended the deadline for insurers' compliance with the Insurance Code of Conduct to allow the concerned parties the required time to implement the necessary enhanced frameworks.
Bermuda Issues 2010 Financial Services Data
12/29/2010
The Bermuda Monetary Authority has published its December 2010 regulatory update, disclosing year-on-year statistics in respect of the island's financial services industry.
China, Bermuda Sign TIEA
12/6/2010
Bermuda’s Premier and Minister of Finance, Paula A. Cox, and China’s Deputy Commissioner of the State Administration of Taxation, Wang Li, have signed a tax information exchange agreement between the two countries.
BMA Welcomes Bermuda Banking Code
11/5/2010
The Bermuda Monetary Authority on November 3 welcomed the launch of the Bermuda Banking Code of Conduct, which sets standards of good banking practice for Bermuda’s banks and deposit companies.
India Signs First TIEA, With Bermuda
10/12/2010
The Indian government has announced the signing of a Tax Information Exchange Agreement with Bermuda, which contains beneficial terms for both signatories.
Bermuda's Tax Transparency Lauded By OECD
10/11/2010
Bermuda has welcomed positive feedback from the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and Exchange of Information, with respect to its adoption of best standards in terms of tax transparency.
Global Tax Forum Issues Peer Reviews
10/4/2010
The Global Forum on Transparency and Exchange of Information for Tax Purposes has issued the first phase of peer reviews covering the legal and regulatory frameworks for transparency and exchange of tax information in Bermuda, Botswana, Cayman Islands, India, Jamaica, Monaco, Panama and Qatar.
Jersey Ranked As Top Offshore Centre
9/24/2010
London has maintained its place as the leading financial center globally, according to the Z/Yen biannual qualitative survey. Meanwhile, Jersey maintains its place as the top offshore financial center.
Bermuda To Introduce Bank Deposit Guarantees
9/17/2010
The Bermuda Monetary Authority has launched a consultation on proposals for introducing deposit insurance in Bermuda.
BMA Exercises AML Powers
9/8/2010
The Bermuda Monetary Authority has drawn attention to enforcement action taken against First Bermuda Group, a Bermuda-based asset management company for a number of failings related to compliance with recently enacted anti-money laundering legislation. First Bermuda has been fined USD100,000.
Colombia, Portugal Sign DTA
9/6/2010
A double taxation agreement signed between Colombia and Portugal adds to those already concluded by Colombia with Spain, Switzerland, Chile, Canada, Mexico and South Korea.
South Africa To Sign Offshore Tax Agreements
8/11/2010
The South African Revenue Service is negotiating tax information exchange agreements with several offshore international finance centres to improve bilateral tax transparency, a parliamentary committee has been told.
Mexico Ratifies TIEAs With Bermuda, Netherlands Antilles
8/4/2010
The Official Gazette of the Mexican Federal Republic has recorded the ratification of tax information exchange agreements between Mexico and Bermuda, and another with the Netherlands Antilles on July 26, 2010.
Ireland Welcomes Covidien From Bermuda
7/22/2010
Irish Prime Minister, Brian Cowen on July 20 welcomed the opening of Covidien’s operations at the European Services Centre in Dublin. The company announced its intention in 2009 to relocate to Ireland from Bermuda.
RIMS Underscores Opposition To Neal Tax Bill
7/20/2010
The Risk and Insurance Management Society has underscored its continuing opposition to any effort to move forward legislation in the United States that would increase taxes on foreign-based insurance companies and, therefore, the cost of insurance to its members.
Asia Gains In Digital Economy Rankings
7/13/2010
The Economist Intelligence Unit has released its Digital Economy Rankings for 2010, which find that, despite Europe maintaining top position in terms of Internet infrastructure and adoption, recent investment has dramatically improved the Asia-Pacific region's e-readiness.
Bermuda, Bahrain Explore Economic Synergies
7/5/2010
Bermuda and Bahrain have agreed to work together to develop a multi-faceted relationship and to explore numerous opportunities covering investment, insurance and re-insurance, following the signing, earlier this year, of a convention for the avoidance of double tax and fiscal evasion, Bermuda Finance Minister Paula Cox has announced.
Milestone Reached For Bermuda Insurance
7/5/2010
The Bermuda Monetary Authority has begun conducting a pilot of its internal capital model review process with selected Class 4 firms, the largest commercial (re)insurers in the Bermuda market, in what is being regarded as an important milestone in the jurisdiction's Solvency II equivalency roadmap.
Bermuda, Indonesia Conclude TIEA Talks
6/28/2010
Bermuda and Indonesia have concluded negotiations towards a Tax Information Exchange Agreement, the text of which incorporates the Organization for Economic Cooperation and Development standard on transparency and tax information exchange in civil and criminal tax matters.
Bermuda To Reform Credit Union Legislation
6/24/2010
Bermuda’s Minister for Finance, Paula Cox has announced the tabling of a landmark credit union reform bill as part of efforts to modernize the jurisdiction’s financial laws.
Bermuda, Canada To Share Tax Info
6/16/2010
Bermuda’s Minister for Finance, Paula Cox has welcomed the signing of a tax information exchange agreement with the Canadian government, on June 14, 2010, in Bermuda’s capital Hamilton.
Brazil, Bermuda Agree TIEA
6/16/2010
Bermuda’s Minister of Finance, Paula Cox has announced that the territory has completed negotiations for a bilateral tax information exchange treaty with the government of Brazil. Bermuda anticipates that the agreement will be signed later this year after both countries’ internal approval processes have been completed.
Insurers Slam US Tax Proposals
6/9/2010
A coalition of insurance companies has written a letter to members of the US Congress warning them of the dangers of 'punitive' insurance tax legislation currently pending in the legislature.
Bermuda Concludes Landmark TIEA With Italy
5/28/2010
Bermuda’s Minister for Finance, Paula Cox has announced the conclusion of Tax Information Exchange Agreement negotiations with Italy, meaning that, when signed, the jurisdiction will have information exchange agreements with all G7 countries.
Captive Industry Guidelines Released
5/26/2010
Service providers in the captive insurance industry worldwide now have the benefit of a new set of best practice guidelines that the Cayman Islands Monetary Authority has contributed to developing.
Bermuda Signs TIEA With Portugal
5/11/2010
The Bermudan government has announced the signing of its 21st Tax Information Exchange Agreement, with Portugal.
India Opens Way To HK Treaty
5/4/2010
The Indian government has included the Hong Kong Special Administrative Region of the People’s Republic of China in its notification process of ‘specified territories.'
Chile Plans More Tax Agreements
4/30/2010
Chilean finance minister, Felipe Larraín, has announced that the government had begun negotiation of Tax Information Exchange Agreements with a series of low-tax jurisdictions as a way of combating tax evasion.
Caribbean Amongst Last Regions To Recover
4/26/2010
Commenting upon the release of the International Monetary Fund’s World Economic Outlook Report, Chief of the World Economic Division, Petya Koeva Brooks, warned that the Caribbean region can expect a protracted recovery from the financial economic crisis, despite a return of more favorable conditions globally.

 

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