Premier of Bermuda

DAVID BURT – PREMIER OF BERMUDA “At the beginning of November, Bermuda received some attention from the international media, on what was dubbed Paradise Papers. This information was obtained as a result of the illegal hacking of a global law firms offic- es in several countries including an office in Bermuda. At every opportunity,we talked to reporters and told Bermuda’s story. Bermuda is a leader in tax transparency and was the first British Overseas Territory to join the OECD Coun- try by Country (CBC) automatic exchange of information regime. “Bermuda is also among the early adopt- ers to exchange 2016 calendar year financial account information with var- ious tax authorities around the globe under the common reporting standard (CRS) automatic exchange of information regime.This and other information will be automatically provided on an annual basis to relevant tax partners under these and similar agreements.We also participate in a multilateral treaty to exchange information by request with over 100 partner countries.Our keymessages to the world are: Bermuda is not a place to hide money; Our regulatory regime is internationally known to be robust, fair and respected; Bermuda’s reputation is one that stands equal to any international measurement and, in some cases, exceeds the regulatory rigor of our critics; and Bermuda is transparent, cooperative and compliant. “Another one of the challenges that we’ve had in Bermuda, and why Bermuda has not been able to advance as far economically as we could have, is that there are entrenched inter- ests that have always played a very large part in our history.And I think that if there is any message that has come from the electorate in this past election is that people want to make sure that we change that, and to make sure that we can have a more fair society, and that decisions that are made regarding things such as energy should not be based upon the special interests which have, by and large, exerted a large amount of control over the years.You will see that our government does not have those conflicts and will look to make sure that the decisions that we make are in the best in- terests of the country and will help us to grow as much as possible.” BVM: Howmuch time do you have to accom- plish what you set out to do? Burt: “In a parliamentary system,there are no fixed terms.An election can be called at any time. The government,technically,sits for about five years until the election is due.The latest our Par- liament can sit would be until September 2022.”