Rediscovered US tax treaty finds new home in archives
The original 1988 US-Bermuda Tax Treaty has found a new home in the Bermuda Archives.
Discovered earlier this year by Solicitor-General, Shakira Dill-Francois, the Treaty had remained hidden in a collection of legal documents for decades.
The Treaty was a pivotal document, underpinning Bermuda's success as a premier insurance and reinsurance hub. It was brought into force on December 2, 1988.
“As Attorney General, I am both honoured and delighted to ensure this foundational document is safeguarded for future generations,” said the Attorney-General and Minister of Justice, Kim Wilkerson.
“The 1988 Treaty cemented Bermuda’s place as a global leader in the insurance and reinsurance industries, contributing significantly to the island’s economic stability.
“By transferring it to the Bermuda Archives, we are not only preserving its historical and cultural value, but also making it accessible to the public, reinforcing its enduring legacy,” added the minister.
The Treaty's importance lies in its unique provisions that established tax co-operation between Bermuda and the United States, enabling Bermuda-based insurance and reinsurance companies to thrive while maintaining global competitiveness.
“Under section 13 of the Bermuda Archives Act 1974, I exercised my powers to ensure this document's permanent preservation.
“This decision reflects our commitment to transparency, historical integrity, and recognition of Bermuda's international contributions,” the Attorney-General added.
Ms Dill-Francois said: “I recalled hearing about this document during a seminar organised by Richard James of Covenant Concepts Leadership Institute.
“But a time later, as I reviewed materials in our office, I realised I was holding the original Treaty.
“It was astonishing to think that such an important document had been in our possession, quietly awaiting rediscovery.”
Ms Dill-Francois emphasised its significance: “This Treaty is more than a piece of paper; it symbolises Bermuda's role on the global stage and our enduring partnership with the United States.”
The Treaty was negotiated under the leadership of former premier Sir John Swan and former Attorney-General Saul Froomkin KC.
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