Bermuda has been removed from the European Union’s “grey list” on tax matters and added to the “white list” of cooperative jurisdictions.
EU finance ministers made the decision this morning, while at the same time adding the island’s offshore rival the Cayman Islands to its blacklist of countries deemed to be non-cooperative on tax matters.
Also added to the blacklist were Panama, the Seychelles and Palau. Turkey was given more time to avoid being listed, an EU document stated.
Bermuda was on Annex II of the list, also referred to as the grey list, which covers jurisdictions with pending commitments, and which were given deadline extensions to pass the necessary reforms to deliver on their commitments.
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