21 September 2015News

Bermuda needs to dispel tax-haven labels: BDA

Bermuda needs to dispel tax-haven labels, differentiate itself from other international financial centres (IFCs), and make the world better aware of its substantial contribution to the wider global economy, according to Ross Webber, chief executive officer (CEO) of the Bermuda Business Development Agency (BDA).

In an interview  for September’s Bermuda:Re + ILS magazine, Webber said that in a time of increased competition Bermuda needed to boast about its robust regulatory framework, experience in managing different industry sectors and its clean, compliant jurisdiction.

“It is incumbent upon us to constantly educate the markets about our value proposition and how we operate. We have one of the best and most transparent regulatory regimes in the world and we have fulfilled a leadership role globally on regulatory change and legislation in recent years.

Our sophistication and the part we play in globalisation needs to be better understood.”

Webber also says the fact that Bermuda is expected to be granted Solvency II equivalence on the next six months is another benefit of Bermuda as an IFC and says he hopes the 2017 America’s Cup, which is to be hosted by Bermuda, while boost the island’s profile worldwide.

Read the full interview with Webber here.