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“It is very welcome news that the Cayman Islands have now been removed from the European Union’s list of non-cooperative tax jurisdictions, to which it was added in February this year.”
His Excellency The Governor Mr. Martyn Roper
(CMR) CMR exclusively reported on Friday that the removal was imminently scheduled for today and the governor has now shared his sentiments on the matter.
“The Hon. Premier, Minister Rivers, the Cayman Islands Government and officials in the Ministry for Financial Services, have all worked tirelessly to get the jurisdiction removed from the list he shared.
“There was cooperation from a wide range of industry stakeholders who demonstrated a shared objective and collective resolve to support the jurisdiction’s removal from the list. Cayman engaged constructively and transparently with the European Commission. That included making additional changes to the law, in agreement with the Commission, to ensure it covered all the funds expected to be in scope. This approach had a big impact on the successful conclusion of the negotiations.
“This is a significant achievement. I congratulate the Cayman Islands Government. Despite dealing with the global pandemic, Cayman has yet again shown a strong track record in fully adhering to international standards. This supports the sector’s strong international reputation as a world-leading, highly professional and high-quality financial services sector.
“The UK, via the Foreign, Commonwealth and Development Office (FCDO), HM Treasury and my office has supported the Cayman Islands Government throughout this process.”
Baroness Sugg, Minister for the Overseas Territories at the Foreign, Commonwealth and Development Office, who has been supportive of the Cayman Islands Government throughout said: “The decision made at the EU Economic and Financial Affairs Council meeting is a credit to the efforts of the Cayman Islands Government.
“The removal of the Cayman Islands from the EU’s list of non-cooperative tax jurisdictions demonstrates the Government’s commitment to meeting the highest international standards.”