Bermuda’s finance minister Bob Richards has signed a bilateral Tax Information Exchange Agreement (TIEA) with the Republic of Poland at the Polish Embassy in London.

The agreement allows for tax transparency and information exchange on a by request basis where previously there was no formal avenue available.

Through these bilateral treaties, Bermuda will establish a direct treaty relationship with the Minister of Finance for Poland.

Commenting on the agreement, Richards said: "Signing a TIEA with Poland has been a long time in the making and represents the beginning of an official exchange of information relationship with Poland upon which the Government of Bermuda hopes to build a long and fruitful partnership."

Bermuda now has bilateral TIEAs with 50% of the members of the EU.