The EU finance ministers have updated the list of non-cooperative jurisdictions adding twelve jurisdictions, which includes the Cayman Islands. Another twelve jurisdictions are removed from the list. Thirteen jurisdictions remain on the ‘grey list’.

As part of the EU listing process, jurisdictions are assessed on tax transparency, fair taxation and real economic activity. Those that fall short are asked for a commitment to address deficiencies within a set deadline.

The updated list is as follows;

• Twelve jurisdictions have been added to the list of non-cooperative tax jurisdictions:
• eight who were already on the blacklist, due to lack of commitment or progress in delivering on their commitments: American Samoa, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, US Virgin Islands, Vanuatu;
• three who have been added for failing to meet their 2019 commitments: Cayman Islands, Palau, Seychelles,
• one who was downgraded in its transparency rating by the Global Forum, and therefore automatically blacklisted: Panama
• Twelve jurisdictions have been completely delisted: Armenia, Antigua and Barbuda, Bahamas, Bermuda, Belize, British Virgin Islands, Cabo Verde, Cook Islands, Marshall Islands, Montenegro, St Kitts and Nevis, Vietnam.
• Thirteen jurisdictions remain on the “grey list”. This is because Member States agreed on limited flexibility for certain jurisdictions, under strict conditions, due to specific circumstances.