New Canadian tax treaty has Bermuda looking to profit from Barbados client base
The folks in Bermuda don’t want to upset anyone, but it’s obvious that they are after what Barbados has had a monopoly on for decades.
“Despite the two rival jurisdictions sharing some similarities, Bermuda has the competitive edge (over Barbados) in terms of level of regulation, quality of service provision, access to the re/insurance market and geographical proximity for Canadian businesses.”
Jason Carne, KPMG Bermuda partner talks to Royal Gazette Online
Bermuda just signed a tax treaty with Canada that will allow Canadian insurance companies to form offshore branches and pay little tax just the way they have been doing it in Barbados for twenty years and more. Good for Bermuda – but not so good for Barbados.
KPMG claims Bermuda has “The competitive edge…”
What does it mean for Barbados? Is Mr. Carne shining everyone on?
Let’s hear from our Barbados government representatives… or maybe KPMG Barbados. Hello? KPMG Bridgetown? You there?