The European Union has this morning removed the Caribbean islands of Bermuda, Aruba and Barbados from its blacklist of international tax havens.
The three jurisdictions were added in March this year as they had failed to meet Brussel's requirements for reforming their tax rules. The lifting from the list today leaves no EU territories on the EU blacklist.
Bermuda is a British overseas territory (or BOT), and Aruba is aligned to the Netherlands.
In a statement the EU explained that Bermuda and Barbados have both committed to meeting EU concerns and are now part of a "grey list" of jurisdictions being monitored by the EU, according to a report from Reuters.
Back to Black
The official blacklist has continued to shrink over the past year, and now consists of just 12 jurisdictions. These are: Belize, Fiji, the Marshall Islands, Vanuatu, Dominica, Samoa, Trinidad and Tobago, the United Arab Emirates, Oman, Samoa, Guam, and the US Virgin Islands.
Last month, International Investment reported that a reversal of the EU's decision to blacklist Bermuda was imminent.
The 28-nation EU set up the so-called blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower tax bills.
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