Bermuda and other British overseas territories on 1 May 2013 signed deals with financial centres on sharing tax information. The similar recent deals were struck with Jersey, Guernsey and the Isle of Man. Other British overseas territories are namely the British Virgin Islands, the Cayman Islands, Anguilla, Montserrat and the Turks and Caicos Islands.
The move aims to track down banking clients who escape paying taxes by not revealing their money overseas. It comes in the midst of an international operation against tax evasion and the use of tax havens.
As per the deal, the bank account details, such as names, addresses, dates of birth, account numbers, account balances and payment details will be passed on. The data will be shared with both the UK tax authorities and those in France, Germany, Italy and Spain.