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Bermuda Signs TIEAs With Italy, Malaysia

by Ulrika Lomas,, Brussels

27 April 2012

Bermuda Premier Paula Cox on April 23 signed additional tax information exchange agreements (TIEAs) with Malaysia and Italy in London.

The TIEA with Italy, which she signed together with the Italian Ambassador in London, Alain Economides, was said by Cox to follow Bermuda’s strategy of targeting meaningful TIEAs with key countries in the global financial system that are also Bermuda's major trading partners.

She was also pleased to note that Italy has recently implemented new legislation to bring into effect a ‘white list’ to be populated with countries that have cooperative tax relations with it. Once the TIEA enters into force, Bermuda will be placed on Italy's white list.

It is hoped that the TIEA will strengthen the economic and commercial relationship between Bermuda and Italy, especially in the area of reinsurance. As Cox observed: "Bermuda global reinsurers have an estimated 11% of the broker-placed reinsurance placed for Italy’s domestic insurers and an estimated 40% of European windstorm and flood insurance to European insurers. Signing TIEAs with European countries serves to solidify existing Bermuda business relationships in Europe."

Cox signed the TIEA with Malaysia together with the country's High Commissioner in London, Zakaria Sulong, and was pleased that Bermuda has strengthened its relationship with another leading international financial centre.

She announced that, as Bermuda is currently strengthening its role in the Sharia-compliant Islamic financial services industry, of which Malaysia is the globally most developed and largest centre, the TIEA should create a prime opportunity that will open the doors for business development between the two countries.

TAGS: tax | investment | tax information exchange agreement (TIEA) | law | financial services | insurance | Bermuda | agreements | legislation | Italy | Malaysia | islamic finance | services

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