The Panama Papers leak gave Bermuda the chance to show the world that is has nothing to hide but the domicile could do a better job of protecting its reputation, Ross Webber, CEO of the Bermuda Business Development Agency (BDA), said in a panel session at the Bermuda Captive Conference.
Webber told attendees that until 2008, Bermuda had no reason to be protective of its reputation, but the global recession changed the game and every domicile had to get “more aggressive”.
He said that because Bermuda is an offshore domicile, it has become an easy target and called a ‘tax haven’.
Jill Husbands, head of office and managing director of Marsh Bermuda, believes Bermuda is now sitting in a strong position. Husbands said:“Bermuda should have stood up sooner to inform everyone that it is not a tax haven or about promoting unwelcome business.”
According to Craig Swan, managing director of supervision at the Bermuda Monetary Authority, the support of all its associations has helped to protect Bermuda’s reputation as a domicile.
Moderator Grainne Richmond, vice president of Dyna Management Services and president of Bermuda Insurance Management Association, commented: “I think Bermuda has got some great momentum but would be great to sign up more clients.”
