The European Union has included Bermuda on its list of non-cooperative jurisdictions for tax purposes and is expected to be on it for a temporary period, according to offshore law firm Conyers Dill & Pearman.

The ruling was made despite the enactment of the Bermudan Economic Substance Act 2018 and the Economic Substance Regulations 2018, which the Bermuda Government believes clearly satisfies the EU’s requirements with regard to the introduction of an economic substance regime.

The Bermuda Government is doing everything it can to ensure that this situation is temporary, the law firm said.

The UK Governme...