Bermuda Economic Substance Update - October 2022

The European Council has removed Bermuda from Annex II of its list of non-cooperative jurisdictions for tax purposes (sometimes referred to as the EU Tax Grey List).

While Annex I (the so-called EU Black List) is a list of countries that have failed to meet the EU's criteria, Annex II is a list of jurisdictions that have made sufficient commitments to reform their tax policies but remain subject to close monitoring while they are executing on their commitments.

The European Council said in a statement: “The commitment of Bermuda with regard to the Organisation for Economic Co-operation and Development’s Forum on Harmful Tax Practices' recommendations on the effective implementation of substance requirements was deemed fulfilled, resulting in the deletion of the reference to this jurisdiction in the state of play document.”

Walkers Professional Services is available assist entities to file economic substance declarations where required under the applicable legislation. In addition, Walkers' dedicated Regulatory & Risk Advisory Group can advise on the applicable relevant activity classifications and can assist entities to determine how to meet any applicable economic substance requirements.

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