Barbados Removed From EU's Blacklist

Barbados, a jurisdiction that facilitates businesses of substance, is among a few Caribbean countries that has been removed from the European Union’s (EU) tax haven blacklist.  

Barbados, along with other countries, was added to the list in March of this year, based on EU concerns in relation to the country’s tax regime. In January of this year, however, Barbados became one of the first countries in the Caribbean to overhaul its tax system, including converging its domestic and international tax rates, and thereby fulfilled its commitment to be compliant with the Organisation for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Action 5 Initiative, addressing harmful tax practices.