After just eight months EU removes Cayman Islands from list of tax havens. After just a few months, the EU removed the British Cayman Islands from its list of tax havens. Critics see this as “further evidence” of the failure of European politics.
The British Cayman Islands and the Sultanate of Oman are no longer on the black list of tax havens. This was announced by the EU Council. The two areas have therefore implemented the required tax policy reforms. At the same time, the EU member states decided to add the British Caribbean island of Anguilla and the island state of Barbados to the list. These did not meet international tax policy standards or only partially.
After just eight months EU removes Cayman Islands from list of tax havens
From now on, twelve countries are on the EU’s black list. In addition to Anguilla and Barbados, these are the US Virgin Islands, American Samoa, Fiji, Guam, Palau, Panama, Samoa, the Seychelles, Trinidad and Tobago and Vanuatu. For last news…
The Cayman Islands were only added to the list in February directly after Brexit. Until then, it had not been possible to include these because they had been part of the EU as a British overseas territory. The fact that no areas of the European Union are allowed to be on the list has been a central point of criticism for years.
The organization Oxfam also criticized the decision to go to the Cayman Islands. The group of islands in the Caribbean are “one of the most notorious tax havens in the world”. The decision is “further proof” that the EU’s action against tax havens is not working.
EU relies on pillory effect
At the end of 2017, the EU tightened its pace against tax havens. It was triggered by revelations such as the Panama and Paradise Papers. With their black list, the Europeans are trying to pillory and at the same time try to use political pressure to persuade the countries and regions to change their tax legislation. Sanctions against uncooperative countries are only possible to a limited extent.