On 17 October 2023, the BVI Ministry of Financial Services, Labour, and Trade issued a press release announcing the removal of the BVI from the EU list of non-cooperative tax jurisdictions (Annex I or EU Blacklist).
The EU Council noted that the BVI was removed from the list due to its amendments to the framework for the exchange of information on request. The BVI has committed to being reassessed in line with the OECD standard, and it has been included in Annex II in the meantime.
The press release states that this development acknowledges the legislative changes made by the BVI in 2022, including the BVI Business Companies Amendment Act 2022 and BVI Business Amendment Regulations 2022, which took effect on 1 January 2023. These changes were aimed at aligning with the requirements of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, as part of its Peer Review Process. As a result, the BVI has been reinstated to Annex II, which comprises jurisdictions dedicated to implementing necessary reforms.
Honourable Lorna Smith, OBE, the BVI Minister for Financial Services, Labor, and Trade, expressed a warm welcome to the decision, emphasising the BVI's commitment to maintaining the highest international standards in transparency and regulation as a world-class international financial centre.
The press release can be found here.