The Cayman Islands were removed from the EU list of
non-cooperative jurisdictions for tax purposes by a written
procedure updating that list on 6 October 2020. The EU finance
ministers added Cayman to the EU blacklist on 18 February 2020 it
being reported at that time that the Cayman Islands has been listed
because it "does not have appropriate measures in place
relating to economic substance in the area of collective investment
vehicles".
The Cayman Islands passed additional collective investment
vehicle legislation, the Private Funds Law, 2020 and the Mutual
Funds (Amendment) Law 2020, on 7 February 2020 in order to address
the EU's concerns regarding the Cayman Island's collective
investment vehicle regulation. The Private Funds Law, 2020 (as
amended) resulted in the registration of 12,328 private funds with
the Cayman Islands Monetary Authority as at the 7 August 2020
registration deadline under that law and the additional legislation
has now allowed the removal
