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| Bermuda Responds To UK's OT Review |
by Jason Gorringe, Tax-News.com, London
Wednesday, January 11, 2012
Bermuda has raised a number of issues for discussion with the United Kingdom as
part of a consultation raised by the UK government on strengthening its relationship
with its Overseas Territories (OTs), providing insight into Bermuda's policy trajectory
for coming years.
Bermuda has used the opportunity of the consultation to highlight a number
of areas where the territory would benefit from greater autonomy.
The first area relates to Bermuda's monetary policy following the recent downgrade
by Standard and Poor's of the nation's sovereign credit rating to AA- based
on the agency's revised rating methodology. The Bermuda government said that
the review presents an "opportune time" to engage in discussions with
the UK on the merits of a central bank model for Bermuda despite its status
as an OT.
Bermuda has also requested greater powers in terms of its negotiation of international
agreements, particularly those relating to promoting and protecting international
investments, and those relating to the promotion of bilateral air links with
other nations.
On this issue of additional powers for Bermuda, the government highlighted
that with the changing regulatory environment smaller territories are increasingly
looking to have their point of view heard in international fora. Bermuda called
for OT Ministers and government officials to be empowered to have their territory's
voice put across internationally at global events and conferences without the
requirement to seek the authority of the UK. Bermuda also proposed that the
UK government could assist the territories in mainstream marketing initiatives.
The government also announced in its response that it is considering diversifying
the country's economy to facilitate the creation of an international shipwreck
exploration industry to generate a new revenue stream for Bermuda. Under the
proposals, Bermuda would introduce policies on licensing, fees and custom duties
to create an attractive regime for individuals who engage in diving inside and
outside the territorial waters of Bermuda for these purposes. Bermuda highlighted
UK assistance on this initiative would be "most helpful".
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