Sunday, March 18, 2018

EU adds Bahamas, U.S. Virgin Islands, St Kitts to tax haven list

By on March 14, 2018

Euro coins are seen in front of displayed flag and map of European Union in this picture illustration taken in Zenica, May 28 2015. (REUTERS/Dado Ruvic)

BRUSSELS – European Union finance ministers added the Bahamas, the U.S. Virgin Islands and Saint Kitts and Nevis to the EU blacklist of tax havens on Tuesday, an EU document said.

The ministers have also decided in their regular monthly meeting to remove Bahrain, the Marshall Islands and Saint Lucia, confirming earlier Reuters reports.

EU set to add Bahamas, U.S. Virgin Islands to tax haven blacklist

The blacklist, set up to discourage the use of shell structures abroad, currently includes nine jurisdictions. The other six are American Samoa, Guam, Namibia, Palau, Samoa and Trinidad and Tobago.

On Tuesday, ministers also decided to add Anguilla, the British Virgin Islands, Dominica and Antigua and Barbuda to a so-called gray list of jurisdictions which do not respect EU anti-tax avoidance standards but have committed to change their practices.

The blacklist was set up in December, but Caribbean islands hit by hurricanes last year were given more time to adapt their tax practices to EU requests.

(Reporting by Francesco Guarascio; editing by Philip Blenkinsop)