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BVI removed from EU list Of Non-Cooperative Jurisdictions For Tax Purposes

Oct 25, 2023

Advisory
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KEY TAKEAWAYS:

  • On 17 October 2023, the EU removed the British Virgin Islands (BVI) from its list of non-cooperative jurisdictions for tax purposes 

  • Following a supplementary review in April 2023, the BVI demonstrated compliance and cooperation with the EU, moving from Annex I to Annex II

On 17 October 2023, the Council of the European Union removed the BVI from the EU list of non-cooperative jurisdictions for tax purposes (Annex I).

The BVI was placed on Annex I on 14 February 2023 despite legislative changes made by the BVI in January of the same year, which were not initially recognised by the then most recent OECD peer review rating. On 6 April 2023, the BVI was granted a supplementary review and it has now been removed from Annex I following amendments to its framework on exchange of information request. The BVI will be reassessed in accordance with the OECD standard and pending this reassessment has been included in the EU's state of play document (Annex II), which includes countries that cooperate with the EU and are committed to implementing reforms.

The removal of the BVI from Annex I is a sign of the OECD's recognition of the BVI as a jurisdiction that is cooperative and has made further improvements to its framework.

Regulatory & ComplianceBritish Virgin Islands

Authors

Nicholas Quin

Managing Director, Americas/Cayman Islands

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Lucy Frew profile image

Lucy Frew

Partner/Cayman Islands

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E/Email Lucy Frew
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Matthew Cowman

Matthew Cowman

Managing Partner/British Virgin Islands

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Iona Wright

Iona Wright

Partner/British Virgin Islands

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Solution areas

Regulatory & Compliance

Key Contacts

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Hannah Sagala
Hannah Sagala

Hannah Sagala

Team Manager, Corporate Services

British Virgin Islands

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+1 284 542 2286

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Jack Boldarin
Jack Boldarin

Jack Boldarin

Managing Partner

London

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+44 (0) 7866 971 532

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Sara Hall
Sara Hall

Sara Hall

Partner

London

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John Rogers
John Rogers

John Rogers

Managing Partner

Singapore

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Daniel Wood
Daniel Wood

Daniel Wood

Managing Partner

Dubai

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Steven Manning
Steven Manning

Steven Manning

Chief Executive Officer – WPS

Cayman Islands

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+1 345 814 7612

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Andrew Howarth
Andrew Howarth

Andrew Howarth

Partner

Cayman Islands

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Dorothy Scott

Dorothy Scott

Managing Director

Cayman Islands

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Andrew Gibson
Andrew Gibson

Andrew Gibson

Director of Legal, Walkers Professional Services

Cayman Islands

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+1 345 814 4573

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Colm Dawson
Colm Dawson

Colm Dawson

Partner

Cayman Islands

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