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Bermuda Signs Tax Information Agreement with the Netherlands

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Bermuda’s Minister of Finance the Hon. Paula A. Cox announced today that Bermuda concluded a bilateral agreement with the Netherlands that provides for a full exchange of information on criminal and civil tax matters between the two countries. The signing of the Tax Information Exchange Agreement, (TIEA), took place at a ceremony today at the Royal Netherlands Embassy in London which was attended by the Netherlands Deputy Minister (State Secretary), The Hon. Jon Kees de Jager, who signed the agreement for the Netherlands, and Netherlands Ambassador Pim Waldeck. The signing was the culmination of negotiations two years in the making and marks a great step forward in cementing the relationship between the two countries.
In reviewing the day’s events, Minister Cox commented on the diligent efforts of Bermuda in continuing to build upon its long standing position of transparency and international cooperation: “I am delighted today to sign the tax information exchange agreement with the Kingdom of the Netherlands. It marks Bermuda’s twelfth signed TIEA and thereby satisfies the standard articulated by the G20 during its London Summit on April 2, 2009. Bermuda may now claim its position amongst those jurisdictions that have substantially implemented the internationally agreed tax standard.”
source : Bermuda Signs Tax Information Agreement with the Netherlands


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What implications does this have for NL citizens with a holding company in Bermuda?
That the Dutch Tax authorities can ask the Bermudan Tax authorities for information in regard to X and Y person or company.

They cannot ask for all information on all Dutch citizens, so they will need some form of reasonable suspicion, before the information will become available to them (if at all). No socalled "fishing expeditions" allowed.
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