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

In April 2022, the OECD’s Forum for Harmful Tax Practices (FHTP) confirmed that Bermuda had met the requirements after Government action taken in December, but Bermuda had to wait until the ECOFIN meeting on 4 October 2022 to be formally removed from the Grey List. Receiving this removal is a welcome confirmation by the EU that Bermuda meets the Internationally agreed tax standard.