20 October 2020Law & regulation

Anguilla and Barbados added to EU blacklist

The European Council had added Anguilla and Barbados to the EU “blacklist” of non-cooperative jurisdictions for tax purposes.

The decision was taken as Cayman Islands was removed from the blacklist, along with Oman, having passed the necessary reforms to improve its tax policy framework. Both Anguilla and Barbados are recognised captive insurance domiciles.

Anguilla and Barbados were included in the EU list following peer review reports published by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The reports downgraded the ratings of Anguilla and Barbados, respectively, to "non-compliant" and "partially compliant", with the international standard on transparency and exchange of information on request.

The EU list of non-cooperative jurisdictions for tax purposes is part of the EU's external strategy for taxation and aims to contribute to ongoing efforts to promote tax good governance worldwide.

It lists non-EU jurisdictions that either have not engaged in a constructive dialogue with the EU on tax governance or have failed to deliver on their commitments to implement reforms. The EU requires jurisdictions comply with minimum standards of tax transparency, fair taxation and implementation of international standards against tax base erosion and profit shifting.

Cayman Islands was removed from the EU list after it adopted new reforms to its framework on Collective Investment Funds in September 2020.