On Wednesday, 12th of February, ambassadors of the EU-27 group voted to include the Cayman Islands on the list, noting that this step was caused by the inability of the overseas territory of Great Britain to prevent tax abuse. This inclusion is expected to be confirmed by EU finance ministers this week, less than a month after Britain leaves the EU.
It is also mentioned that the package of measures adopted in the Cayman Islands last year to address tax abuse was considered insufficient. The territory was unable to bring its laws on investment funds into line with EU standards.
We remind, that the EU launched a blacklist of tax havens in 2017 as part of a campaign aimed at suppressing tax evasion. It helps EU member states more reliably deal with countries that encourage tax abuse.
The list is updated on a continuous and dynamic basis, including, at the moment:
- American Samoa
- Trinidad and Tobago
- US Virgin Islands