#TurksandCaicos, December 8, 2017 – Providenciales – The hurricanes of September seem to have bought the TCI some time, as the Turks and Caicos has averted being among 17 nations which are considered non compliant or labeled tax havens; many are calling it the gray and black list of the European Union. Barbados, Trinidad and Tobago, Grenada and St Lucia are among the regional nations on the list with Panama, Namibia, Palau and Bahrain.
The EU Blacklist is a ground breaking document, the first ever such EU list of non-cooperative tax jurisdictions agreed to by the Finance Ministers of European Union Member States during their meeting in Brussels. The larger list is of countries which have committed to addressing deficiencies in their tax systems and to meet the required criteria, following contacts with the EU; that list holds 47 nations including Cayman Islands, Bermuda, Aruba and St Vincent and the Grenadines from the Caribbean.
It is reported that, the EU has struggled for over a year to finalize the blacklist. One news report said the UK fought hard against the blacklist of so called tax havens, reportedly concerned for some of its jurisdictions, namely Jersey and the Virgin Islands. It is reported that the list started out with 29 countries, and that 28 finance ministers of member countries made the final determinations.
The Turks and Caicos was among countries given a big break due to the impact of the hurricane season. The report says, “Eight jurisdictions were not fully assessed because they were badly hit by the hurricanes in summer 2017 and were given until early 2018 to respond to the EU’s concerns. The countries omitted from consideration were Anguilla, Antigua and Barbuda, Bahamas, British Virgin Islands, Dominica, St Kitts and Nevis, Turks and Caicos, and US Virgin Islands.”
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Photo credit: Turks and Caicos Yacht Club
