Bermuda has become the first overseas territory to be awarded whitelist status by France, according to Bermuda newspaper The Royal Gazette.
The status required Bermuda to meet several conditions, including becoming an early adopter for 2016 year data and establishing a country-by-country (CBC) reporting relationship with France.
Bermuda also ensured its new tax information reporting portal was integrated with the OECD portal, so that it can transport CBC reports to France. It also brought its CBC legislation, regulations and guidance notes into force.
David Burt, the Premier and Finance Minister of Bermuda, praised France for its ongoing efforts to support international cooperation on tax and financial transparency.
He said: “Bermuda’s placement on France’s whitelist for country-by-country reporting will further establish Bermuda’s leadership in supporting international co-operation in tax matters and financial transparency.
“However, continued engagement with the EU and its member states in the weeks and months ahead is vital in view of the current risk that we may face from the EU.”