MONDAY, APRIL 23, 12:45PM UPDATE: Bermuda signed Tax Information Exchange Agreements (TIEAs) with Malaysia and Italy today in London.
The agreements were signed by Bermuda Premier Paula Cox.
She signed them with Dato’ Sri Zakaria Sulong, the High Commissioner of Malaysia to the United Kingdom, and Alain Economides of the Italian Embassy in London.
The Italian agreement means Bermuda has signed a TIEA with all G7 countries.
Premier Cox said: “It is a benchmark that Bermuda has reached this pivotal goal.
“Our TIEA strategy therefore reflects that we have targeted meaningful TIEAs with the key countries in the global financial systems that are also Bermuda's major trading partners.
“I am pleased also 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 Italy.
“This legislation is significant for my country as it provides that once our TIEA enters into force, Bermuda will be placed on Italy's white list.”
Premier Cox said the Malaysian agreement “creates a prime opportunity that will open the doors for business development” between Bermuda and Malaysia.
She said: “Bermuda and Malaysia have much in common. Both are islands exposed to natural phenomena that cause us to be ever mindful of a higher power and both countries are heavily involved in the global economy as leading international financial centres.
“I can announce that Bermuda, as a premier international financial center, is currently strengthening its role in the Sharia compliant financial services industry.
“Our analysis tells us that Malaysia is the world's most developed and largest center for Sharia compliant financial services.”
She added: “Signing this TIEA today demonstrates Bermuda's commitment to international cooperation and creates opportunity for our international business sectors thereby benefiting the people of Bermuda.”