Cayman Finance has said it is “disappointed” that the island has been blacklisted by the European Commission as a tax haven.
Cayman has been included as one of 30 jurisdictions on the blacklist, which consolidates national tax ‘blacklists’ as they stood six months ago and includes any jurisdiction on ten or more Member States’ list.
The financial services representative group said that it was unsure how the 11 European countries arrived to such a conclusion, as the jurisdiction has exchange of information treaties in place with nearly all of them.
Cayman Finance said: “We are confident that if these 11 EU countries transparently and objectively evaluate the Cayman Islands robust international tax cooperation regime against global standards, that the Cayman Islands will be promptly removed from this non-compliant list.”
Six of the 30 tax havens named by the European Commission were British overseas territories — Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Montserrat, and the Turks and Caicos Islands.
Cayman Finance, European Commission, Blacklist, Cayman, Europe