European Union:
Cayman Islands Removed From EU Blacklist
08 October 2020
Collas Crill
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In a positive development for the jurisdiction, EU ministers
have removed the Cayman Islands from their blacklist of
'non-cooperative jurisdictions for tax purposes'.
This outcome follows the implementation of a series of further
regulatory measures in response to Cayman's controversial
inclusion on the list for the first time in February this year. The
Cayman Islands Government has introduced a number of new laws and
regulations since February, with the purpose of strengthening
Cayman's already rigorous regulatory framework and expanding
the powers of its financial regulatory body, the Cayman Islands
Monetary Authority (CIMA). Of particular note is the Private Funds Law 2020, which now requires the
majority of closed ended private funds to register with CIMA.
Jude Scott, CEO of Cayman Finance, described the EU's
decision as 'an important validation of Cayman's commitment
to a responsible policy of tax neutrality which poses no harm to
other countries'. The high calibre of Cayman's regulatory
standards continues to make Cayman the preferred domicile for
global investment vehicles.
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