Cayman Islands, Palau, Panama and the Seychelles added to the EU Blacklist
European Union finance ministers have added the above mentioned four jurisdictions to the EU’s so-called blacklist of countries which are “non-cooperative jurisdictions for tax purposes”. These jurisdictions were blacklisted by EU because they failed to meet their commitment to reform their business tax regimes.
Panama was blacklisted because it lost its rating of ‘largely compliant’ from the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes in November 2019.
Cayman Islands were black listed because they do not have appropriate measures in place relating to economic substance in the area of collective investment vehicles.
Palau failed to implement any automatic exchange of financial information measures, including signing and ratifying the OECD Multilateral Convention on Mutual Administrative Assistance
Seychelles failed to address issues in relation to existing harmful preferential tax regimes.
The EU blacklist currently comprises the following twelve jurisdictions: American Samoa, the Cayman Islands, Fiji, Guam, Oman, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu.
The next update of the list is scheduled for October 2020.
Partner – Tax Department
This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.
We are a Law Firm with offices in Cyprus and Malta and a representative office in Shanghai China comprising of more than 80 lawyers, accountants and other professionals who advise, international and local clients.
The Firm has been offering legal and consulting services since 1983 evolving from a traditional law firm to an innovative cutting-edge multidisciplinary law firm combining exceptional expertise in law, tax, vat and accounting.
From its establishment the Firm’s focus has been heavily business oriented and always abreast with the latest global developments and innovations. Drawing from our pool of experienced professionals we provide our clients’ businesses full legal and accounting support on an everyday basis as well as customized solutions in today’s global financial and legal challenges.
We consider ourselves as ‘traditional pioneers’ and our motto is to foresee and anticipate any issues that may potentially impact our clients’ business and to offer effective advice and solutions proactively.
Lawyers’ Limited Company
12 Egypt Street, 1097, Nicosia
P.O. Box 22303, 1520 Nicosia, Cyprus
Tel: + 357 22 55 88 88 – Fax: + 357 22 66 25 00
E-mail: KinanisLLC@kinanis.com – Web site:
Civil Partnership, Law Firm
Kinanis Fiduciaries Limited
Suite 20, The Penthouse, 4th Floor, Ewropa Business Centre,
Dun Karm Street, Birkirkara, BKR 9034, Malta
Tel: + 356 27 54 00 24, Fax: + 356 27 54 00 25
Kinanis (China) Limited
China Representative Office
Unit 661, 6/F CIROS PLAZA,
388 Nanjing West Road, Huangpu District,
Shanghai City, 200003, China
Tel: + 86 18 410 072 690
is the service mark through which Kinanis LLC of Cyprus, Kinanis Fiduciaries Limited of Malta, Kinanis, Civil Partnership, of Malta, Kinanis (China) Limited of Cyprus and their affiliated companies are conducting their business each of which is a separate legal entity.
refers to the service mark through which Kinanis LLC of Cyprus, Kinanis Fiduciaries Limited of Malta and their affiliated
companies are conducting business, each of which is a separate legal entity.