Cayman Islands – EU List of Non-Cooperative Tax Jurisdiction
Effective on 18 February 2020, Cayman Islands has been moved to Annex 1 of the EU’s list of non-cooperative jurisdictions for tax purpose (“Annex 1”) due to not having appropriate measures in place relating to economic substance in the area of collective investment vehicles (“CIVs”), announce by EU after the meeting of the EU’s Economic and Financial Affairs Council.
This appears to be a technical issue arising out of the delay in enacting the Private Funds Law and Mutual Funds (Amendment) Law on 31 January 2020, which came into force on 7 February 2020, to address the EU’s requirements in relation to CIVs.
The Cayman Islands Government (“CIG”) has commenced discussions with EU officials to have the Cayman Islands removed from Annex 1 as soon as possible, practically in October 2020.
Please feel free to contact us should you require more information on the above.
(852) 2574 8289
Note that any information, publication, design, product, process, idea or know-how described in this website may be the subject of other rights, including other intellectual property rights, which are owned by ALCPA or other interested parties and are not licensed to you hereunder. ALCPA does not warrant the website to be error-free and will not be liable for any damages whatsoever, whether in an action of contract or otherwise relating to the use of the information contained in the website. Certain links in this website may connect you to website maintained by third parties, ALCPA has not verified the contents on these websites and will not be liable for any damages as a result of the use of these information contained in these links.