On 18 February, the EU announced its decision to add the Cayman Islands to its list of non-cooperative jurisdictions for tax purposes.
The Cayman Islands government works hard to meet evolving global standards. While it has already taken the necessary actions to be on the EU’s ‘white list’, they missed the 31 December deadline to complete these actions by a few weeks.
The government is working together with industry to get the Cayman Islands removed from the blacklist. It is expected that this will happen at the next meeting, which will be held in October.
The Cayman Islands remains a well-regulated and stable jurisdiction with an excellent reputation for its standards of service and levels of expertise. No change is anticipated as a result of the EU’s decision.
Also on 18 February, the EU removed the BVI from its list of non-cooperative jurisdictions. This indicated that the BVI is now in-line with the EU’s transparency standards.
If you would like any more details about this, please get in touch with your usual JTC contact or Michael Halsey, Managing Director of JTC Cayman Islands.