The Cayman Islands Government has already contacted EU officials
to begin the process of being removed from the EU list of
non-cooperative jurisdictions as soon as possible, which is
understood to be October this year, said the Cayman Islands
Premier, the Hon. Alden McLaughlin.
Acknowledging that the EU's decision today (Tuesday, 18
February) is deeply disappointing, Premier McLaughlin noted that
over the past two years, Cayman's Government has cooperated
with the EU to deliver on our commitments to enhance tax good
governance.
He noted that since 2018, Cayman has adopted more than 15
legislative changes in line with the EU's criteria.
In April 2019 the EU confirmed that Cayman had satisfied its
economic substance requirements, with the exception of economic
substance for funds, also known as collective investment vehicles
(CIVs). This is a specific EU requirement, as Cayman's economic
substance legislation was evaluated in June 2019 as "not
harmful" – the
