Willis joins exodus from Bermuda

Willis has announced plans to move its global headquarters from Bermuda to the Irish Republic, becoming the latest multinational company to ditch the low-tax island.

Joe Plumeri, chief executive of Willis, said: “The board of directors has determined that the company’s redomestication to Ireland is in the best interests of Willis and our shareholders.

“We reviewed a number of alternatives with our board of directors, and believe that incorporating in Ireland will provide Willis with economic benefits and help ensure continued global competitiveness.”

The move comes after a string of other multinationals, including consultancy group Accenture, announced they were to leave Bermuda after US president Barack Obama said he would take a tough approach on offshore tax havens like Bermuda. In May this year, President Obama labelled a building in the Caymans as “the largest tax scam in the world” adding: “It’s the kind of tax scam that we need to end.”

Willis’s redomestication is subject to the approval of the group’s shareholders and the Supreme Court of Bermuda.

Earlier this year, Beazley announced it was moving to Ireland to take advantage of the lower corporate tax rates. The firm said: “There are likely to be significant tax benefits for the Beazley Group, given the competitive tax environment Ireland enjoys within the EU.”