EU blacklist

Bahamas and Seychelles no longer tax havens

According to the European Union, the Bahamas and the Seychelles are no longer tax havens. The EU Council of Ministers removed the islands from the blacklist on Tuesday. The British overseas territory of the Turks and Caicos Islands and the Central American country of Belize are also no longer included.

The European list of non-cooperative territories now comprises twelve countries and territories. These include the Fiji Islands, Panama and the US Virgin Islands. A year ago, the EU also included Russia because cooperation on tax issues has come to a standstill since the attack on Ukraine.

The EU updates its list every six months. It was created at the end of 2017 following a series of international financial scandals. These included the Panama Papers and the Lux Leaks, which shed light on the dubious tax practices of companies and wealthy private investors. If listed, there is a threat of assets being frozen in the EU.