EU Blacklist Updated Oct 6, 2020

Today, the European Council updated the list of non-cooperative jurisdictions for tax purposes (the so called EU "blacklist".

The list adopted by the Council on 6 October 2020 is now composed of:

• American Samoa

• Anguilla

• Barbados

• Fiji

• Guam

• Palau

• Panama

• Samoa

• Trinidad and Tobago

• US Virgin Islands

• Vanuatu

• Seychelles

Changes from the previous list include

• Addition of Anguilla and Barbados

• Removal of the Cayman Islands and Oman

Implications:

If your entity was/is tax domiciled in either Anguilla or Barbados for tax purposes, then producing evidence of tax residency in those jurisdictions will not satisfy the "non-resident" exemption used to satisfy the economic substance regulations in affected jurisdictions. You may wish to reach out to your legal council or contact us at Economic Substance Solutions, we are happy to assist with your economic substance compliance related needs.