EU AFFIRMS CAYMAN’S TAX CO-OPERATION AND REMOVES CAYMAN FROM ANNEX I

Janet FrancisPartner, FrancisGrey

Cayman has been removed from Annex I of the EU’s list of non-cooperative jurisdictions for tax purposes (“Annex I.”) The decision was announced on 6 October 2020 following a meeting of the EU’s Economic and Financial Affairs Council.  This was the first review since Cayman was placed on the Annex I list in February 2020 and was therefore the first available opportunity for Cayman to be removed from the list.

The removal of the Cayman Islands from the Annex I list signals that Cayman has met or exceeded the EU requirements that appropriate legislation and regulations be implemented in relation to collective investment vehicles.

The Cayman Islands remains the jurisdiction of choice for global investment funds and its removal from Annex I though widely anticipated, has been welcomed by industry as EU confirmation of Cayman’s commitment to compliance with the regulatory framework of international standard setting bodies.

This note is intended to be a general guide only and should not be relied upon as a substitute for specific legal advice. If you would like further information on any aspect of this note or on any other Cayman Islands legal issue please contact:

Janet Francis

Corporate & Commercial Practice Group

Email: janet.francis@francisgreylaw.com

Tel.: 1 345 815 2800