22 October 2020

The Cayman Islands has been Removed from EU Tax Blacklist

On February 18, 2020, the EU Finance Minister declared that the Cayman Islands “does not have appropriate measures in place relating to economic substance in the area of collective investment vehicles”. As a result, the island was added to the EU list of non-cooperative jurisdictions for tax purposes, also called the EU blacklist

Shortly afterwards, the Government of the Cayman Islands took the necessary measures and introduced additional regulations on collective investment instruments, the Private Funds Law 2020 and the Mutual Funds (Amendment) Law 2020, to address EU concerns about the Cayman Islands’ collective investment vehicle regulation.

The efforts undertaken by the Cayman government have been endorsed by the EU authorities and are seen as evidence that the Cayman authorities aim to maintain a high level of international cooperation with jurisdictions that rely on their financial service activities.

Source: Lexology

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