Bermuda’s appeal as a domicile for (re)insurance will be dulled by the OECD’s latest international tax plans. However, the impact is likely to be less than the territory experienced after the US tax reform of 2017, says credit ratings agency Fitch Ratings.
The Bermuda Monetary Authority has recently released a discussion paper on its plans to broaden its mandate by developing a conduct of business regime for the financial services sectors it regulates.
Bermuda has been granted Reciprocal Jurisdiction status effective January 1, 2020, and has had its status as a Qualified Jurisdiction extended by the National Association of Insurance Commissioners (NAIC), after a five-year evaluation.
The Global Financial Centres Index was released on September 19, 2019, charting the top onshore and offshore financial centers worldwide, and for the first time the most innovative financial technology hubs.