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MEDIA / News / 2019 NEWS / Bermuda, Barbados and Aruba to be removed from EU's tax haven blacklist

Bermuda, Barbados and Aruba to be removed from EU's tax haven blacklist

According a recent Bloomberg Law report, Bermuda is expected to be removed from the European Union's blacklist of non-cooperative tax jurisdictions, as well as Aruba and Barbados because of changes implemented in each jurisdictions’ corporate tax laws.

Bermuda and nine other jurisdictions were placed on the blacklist in March, joining five countries already on the list.

The Finance Minister of Bermuda Curtis Dickinson stated: “When Bermuda is removed from Annex 1, we will be placed in Annex 2 of the EU list. This is because of EU concerns regarding the need for a legislative framework for collective investment funds that meets their expectations."

Furthermore, Mr. Dickenson added that Bermuda will maintain the existing good collaboration with the EU in order to ensure the "proper legislative framework".

The second Annex where Bermuda will be placed, consists of a grey-list of countries and indicates specific criteria such as the company should have "economic substance" in the relevant territory, and must not be a letterbox firm that has been set up to take advantage of low or zero taxation. Etc.

Joining the grey list is also the Bahamas, the British Virgin Islands and the Cayman Islands.

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