BVI removed from EU’s list of non-cooperative jurisdictions for tax purposes
On 17 October 2023, the European Council published the updated EU list of non-cooperative jurisdictions for tax purposes, known as the EU blacklist.
The EU removed the British Virgin Islands from the list as the jurisdiction has amended its framework on exchange of information on request and it will be reassessed in accordance with the OECD standard. Pending this reassessment, the EU has included the BVI in Annex II, a schedule of countries that cooperate with the EU and have pending commitments.
The BVI’s move to Annex II was preceded by the Global Forum granting the BVI a supplementary review on 6 April 2023. The BVI was originally added to Annex I (the list of non-cooperative jurisdictions) earlier this year on a technical basis as a result of receiving a "partially compliant" rating from the Global Forum, see our earlier statement here.
The removal of the BVI will be effective when published in the EU’s Official Journal, which is expected to take place in the next few days.
Since 2020, the EU Council updates the list twice a year. The next revision of the list is scheduled for February 2024. The EU’s press release can be found here.