Each year, the relevant authority of Bermuda automatically exchanges the cbC report, the reporting entity that is tax resident in Bermuda, along with all the other competent authorities of the jurisdictions by which Bermuda has entered into a compliant agreement and in which, on the basis of the information contained in the ICC report, one or more constituent units of the multinational group of the reporting unit are tax domiciled or are taxed on transactions imposed through a Bermuda facility. The table below shows countries that have entered into a double taxation agreement with the United Kingdom (as of October 23, 2018). On the UK government`s website, you will find an updated list of active and historic double taxation conventions. Bermuda also has a mutual legal aid treaty with the United States, which came into force in 2012. This agreement provides for cooperation in the field of criminal investigations, including economic crime and money laundering, as well as mutual assistance in document services, search and seizure, production of evidence, as well as the freezing and eventual retention of assets that may be products or instruments of the offence. You will find details about the information that can be exchanged in the agreement itself. If you use the HMRC intranet, the “New Contracts/Protocols in Effect” link can be found in the LINK TIEAs sidebar in the sidebar below. On the HMRC website, the search for “TIEA Bermuda” will provide a link to the agreement. Each double taxation agreement is different, although many follow very similar guidelines, although the details are different. The Crown`s dependencies sign a new double taxation agreement with the UK has been saved Bermuda has a vast network of tax treaties on its bilateral TIEAs and participation in the OECD Convention on Mutual Tax Assistance, which includes more than 100 countries. There is no double taxation agreement between Bermuda and the United Kingdom. In this regard, legal systems may be based on a bilateral agreement between the competent authority for the implementation of the automatic exchange of information in accordance with the common standard of notification or automatic exchange of reports by country on a TIEA, particularly in cases where it is not (yet) possible to automatically exchange information through the relevant authority within the framework of a relevant multilateral agreement.

It is much more common to seek the services of a qualified and experienced accountant to seek tax breaks through double taxation agreements. Fees vary depending on the complexity of an individual`s personal life, in almost all cases, the tax savings far exceed all the costs of using an accountant – and they can be sure to pay the correct amount of tax with total confidence. It is important to note that Bermuda has also reached a similar agreement with the United Kingdom (United Kingdom) to facilitate the implementation of the United Kingdom`s fatca reporting obligations; British FATCA has now moved to CRS. If a person is considered non-resident in the United Kingdom under double taxation agreements, that person would only be taxable in the United Kingdom if the income comes from activities in the United Kingdom. This is important because it means that all non-UK income and investment profits are protected from UK tax. Bermuda has entered into an intergovernmental agreement with the United States to facilitate the implementation of FATCA reporting obligations in the United States.