New EU Blacklist Adds Cayman Islands, Panama & Others

as jurisdictions blacklisted by the EU for failing to do enough against tax avoidance and evasion.

According to the EU, the Cayman Islands, a UK territory, has been added for failing to set “appropriate measures” against these types of abuse and allowing companies to establish shell companies with minimal presence in situ. The Cayman Islands had previously been listed in the EU’s grey list but was demoted once it failed to implement the economic substance rules required by Europe.

Jude Scott, Cayman Finance’s CEO, said in a statement, “The Cayman Islands has had a track record of meeting evolving global standards and that is expected to continue.”

“Just as approximately 30 other jurisdictions were removed after a taking the necessary actions, we look forward to the same happening with regard to the Cayman Islands. In the meantime, clients can continue to expect the usual high professional standards from their Cayman service providers that they have always received,” he added.

In addition to these new blacklisted countries, the following jurisdictions were removed from the EU’s grey list after successfully implementing the necessary regulatory changes to prevent tax abuse: Antigua and Barbuda, Armenia, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cabo Verde, Cook Islands, Curaçao, Marshall Islands, Montenegro, Nauru, Niue, Saint Kitts & Nevis, and Vietnam.