EU to put Cayman Islands on tax haven blacklist

[Gediminas]

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On Wednesday, EU ambassadors judged that the islands in the western Caribbean Sea are not effectively cooperating with Brussels on financial transparency, the Financial Times reported.

The Cayman Islands will join Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three US territories of American Samoa, Guam, and the US Virgin Islands, on the “non-cooperative” list.
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Full read: In wake of Brexit, EU to put Cayman Islands on tax haven blacklist

 

[John Andrews]

Damn, do they ever plan to stop with the bullying?

 

[challenge]

I know for sure that they are officially scared to death about the Singapore-on-Thames idea. They're starting to have fear about their money hidden in Lux and Netherlands...
let's hope BoJo is crazy enough. There is the need of a Singapore in Europe...

 

[mickey]

How is that possible? The Cayman Islands complies with the CRS and CBC standard:
Here are both checkers:
CRS: Exchange relationships - Organisation for Economic Co-operation and Development
CBC: Country-by-Country exchange relationships

Just pick the Cayman Islands and a european country like France or Germany. How they can get on a blacklist when they rats out their clients?

 

[Marzio]

There is the need of a Singapore in Europe...

For sure. I can't wait this to happen.

 

[Gediminas]

How is that possible? The Cayman Islands complies with the CRS and CBC standard

The answer is in the article

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On Wednesday, EU ambassadors judged that the islands in the western Caribbean Sea are not effectively cooperating with Brussels on financial transparency.
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[mickey]

In other words, they signed the CRS and CBC contracts and did nothing? So, the blacklist is a whitelist for us.

 

[MarkusM]

In other words, they signed the CRS and CBC contracts and did nothing? So, the blacklist is a whitelist for us.

I am also interested to find out more about this!

 

[hernanday]

In other words, they signed the CRS and CBC contracts and did nothing? So, the blacklist is a whitelist for us.

"“The economic substance rules are an attempt by the Organisation for Economic Co-operation and Development and the EU to strong-arm minor jurisdictions that often have a significant role in world finance. Is this a ploy to drive business to Luxembourg, or just post-Brexit spite?”

They are just doing it to "keep UK in line". They fear UK will become on giant tax haven outside the EU zone and f**k the rest of them. Add on UK is run by the con party, which usually are low tax regime parties, then I can see why EU is doing this, to spite UK, try to drive buinesses to EU zone, etc.

 

[Dal Johansson]

@Gediminas Do you think Berrmuda could follow? I am not an offshore expert but it seems Cayman are pretty similar as British Overseas Territory.

 

[Gediminas]

@Gediminas Do you think Berrmuda could follow? I am not an offshore expert but it seems Cayman are pretty similar as British Overseas Territory.

Any offshore jurisdiction could follow