On 18 February 2020, the Economic and Financial Affairs Council
(ECOFIN) announced that Bermuda and the British
Virgin Islands (BVI) had been moved to the
'whitelist' following efforts over the past months to
implement legislative changes that comply with the EU's tax
governance principles. On the same date, ECOFIN also
announced that the Cayman Islands (along with the Seychelles and
several others) had been added to the list of non-cooperative
jurisdictions for tax purposes.
In the case of the Cayman Islands, this step appears to relate
to a missed deadline for legislation relating to the funds industry
(which legislation came into force on 7 February 2020). The
Cayman Islands Government has already commenced the process of
having Cayman removed from the list. The next EU meeting at
which this could take place is currently scheduled for October
2020. Every effort is being made to accelerate the
process. The revised legislation and regulations
