EU to remove Aruba, Barbados and Bermuda from the tax haven blacklist

Earlier, the European Union blacklisted 15 countries that did not rely on the criteria for the economic substance under the BEPS program. After some time, three jurisdictions such as Aruba, Barbados and Bermuda adopted amendments in their legislation, which gave rise to rumours about their elimination from the “blacklist” in the near future.

The key criteria for the likely revision of the status of these countries are changes in corporate tax law. Now all companies that are planning to get the right to conduct any activity in the territory of these states are required to have a legal address. Also, according to the new rules, registered companies are required to submit annual reports on the maintenance of financial activity.

Thanks to this step by these countries, the EU leadership is ready to reconsider the status of these states. According to the US media, the question of removal of Aruba, Barbados and Bermuda from this list is on the agenda of the upcoming meeting of EU finance ministers.

These countries would be transferred to the "grey list", and then the final decision will be announced officially on May, 17. Now the EU leadership is expecting further steps to modernize the legislation and adoption of the BEPS program from these jurisdictions.

Law and Trust International provides an opportunity to register a company in Aruba, Barbados and Bermuda. About the cost of registration and its features in these jurisdictions, please contact our lawyers.