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Qatar DTA Will Boost Investment In Bermuda, Says Cox

by Amanda Banks,, London

11 May 2012

Bermuda's Premier, and Minister for Finance, Paula Cox, has stressed that the signing of a Double Tax Agreement (DTA) with Qatar will significantly strengthen the territory's ability to act as a western hub for the Islamic financial services industry.

The DTA signed between Bermuda and Qatar on May 10, 2012, is a landmark for Qatar, which now has a network of DTAs covering fifty countries. Cox noted that Qatar's expansive network of DTAs also positions Bermuda as an interconnecting domicile for investment from and to those 50 countries.

Cox observed that investors in countries that to date do not have a DTA with Qatar can domicile in Bermuda and benefit from the Qatar-Bermuda double tax agreement, in addition to Bermuda's existing double tax network. "The DTA provides incentive to Qatar entities including Qatar Airways, Bermuda’s reinsurance industry and shipping companies around the world that have Qatari or GCC ownership interests," she stated.

Double tax agreements provide a beneficial legal framework to facilitate increased trade and investment between nations, including by limiting withholding taxes, and by allocating the taxing rights of nations to ensure that investors' income is not taxed twice.

Alongside the signing, the two governments organized an event to promote relationships between Qatari business entities and Bermuda international business service providers. An additional cooperation agreement was signed, which through the arrangement of regular government-level meetings, will seek to enhance cooperation in economic, commercial and technical spheres, in a number of sectors including energy, agriculture, communications, transportation, construction, labour and tourism.

“The combination of the DTA and Memorandum of Understanding creates opportunities for Bermudians,” Cox said. “There is opportunity for Bermudian businesses large and small to explore cross border trade with Qatar and the Gulf Cooperation Council region.”

TAGS: tax | investment | business | energy | insurance | international financial centres (IFC) | Bermuda | Qatar | offshore | agreements | construction | islamic finance | Gulf Cooperation Council | alternative investment | services

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