The Bermudan disadvantage
Offshore:The seismic impact of the EU Savings Directive has meant offshore jurisdictions have been forced to implement equivalent measures. While Bermuda was left out of the Directive's scope, the apparent advantage this lent the island has resulted in some unexpected consequences. Christopher Johnson-Gilbert explains
October 12, 2005 at 08:03 PM
8 minute read
The European Union (EU) Savings Directive (2003) took effect on 1 July, 2005.
This article looks at the impact of the Directive in Bermuda, the Cayman Islands and the British Virgin Islands (BVI).
Given the fact the aim of the Directive is to ensure that individuals who are tax-resident within the EU are subject to effective taxation on interest income received by them, and that Bermuda is not included in the list of countries to which the Directive applies or which were required to implement 'equivalent measures', whereas the Cayman Islands and BVI are, the implementation of the Directive has had some rather surprising consequences.
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