Bermuda’s deputy premier and minister of finance, the E.T. (Bob) Richards said that Bermuda is planning to adopt a UK model of beneficial ownership.

Additionally, Bermuda will implement ownership only after the UK, US and Canada adopt public beneficial ownership registers.

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Richards said: "Despite having no hand in creating the OECD tax system, Bermuda has led the way in terms of transparency, having established a legislative framework requiring that persons wishing to incorporate in Bermuda provide central authorities with information on the proposed beneficial owners of the business.

"Bermuda signed its first Tax Information Exchange Agreement (TIEA) with the United States in 1986 and a TIEA with the United Kingdom in 2007."

"If we agree to a public register while our competitors around the world do not, we will put ourselves at a distinct disadvantage, severely damaging our economy," he added.

Till date, Bermuda has signed information exchange agreements with 80 countries, including 41 TIEA agreements in place with 90% of G20, 76% of OECD and 52% of EU member states.

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In September last year, Bermuda joined the OECD Multilateral Convention on Mutual Assistance in Tax Matters to facilitate cooperation between jurisdictions to combat tax avoidance and evasion.

Richards added: "Bermuda has never been a jurisdiction with bank secrecy laws. Whilst we respect the privacy accorded to people bestowed by British Common Law, we are not in the business of parking and hiding tax evaders’ money from legitimate authorities."