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Cayman Islands-European Union

8 October 2020

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Cayman Islands Welcomes Removal for EU Non-Cooperative List

The Cayman Islands Government has issued a release welcoming the decision of the EU Council to remove the Cayman Islands from the list of non-cooperative jurisdictions.

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CIG Welcomes EU Listing Decision

The Cayman Islands Government welcomes the EU's decision to remove Cayman from its list of non-cooperative jurisdictions for tax purposes.

Cayman's Premier, the Hon. Alden McLaughlin, said the February 2020 listing was in relation to investment funds supervision.

"Cayman responded positively by expanded the scope of our funds regime to ensure that the Cayman Islands Monetary Authority, our financial services regulator, has the legal mandate to supervise all Cayman-based investment funds," he said.

Premier McLaughlin reaffirmed that Cayman remains fully committed to international tax good governance standards, and noted that the EU has joined the OECD in positively recognising Cayman's tax regime.

In July 2019, the OECD's Forum on Harmful Tax Practices assessed Cayman's regime as "not harmful," the highest ranking possible.

"We will continue collaborating with the EU, including through broadening our dialogue to topics of mutual interest," Premier McLaughlin said. "These include green financing and key topics outside of financial services, such as environmental matters and tourism."

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