The European Union Council has removed the Cayman Islands from its list of non-cooperative jurisdictions in tax matters following a number of legislative reforms to improve its tax policy framework.
The move follows the introduction of the Private Funds Law and amended Mutual Funds Law in February this year. Both reforms enhanced the Cayman Islands' framework for collective investment funds and resulted in over 12,000 additional investment funds registering with the Cayman Islands Monetary Authority (CIMA). Bringing these vehicles under the supervisory purview of CIMA led to the EU Code of Conduct Group recommending to the EU Council that Cayman be removed from list of non-cooperative jurisdictions.
Cayman's tax regime was already positively recognised by the Organization for Economic Cooperation and Development (OECD) and the news reaffirms Cayman's commitment to international tax good governance standards and standing as a global funds and financial services centre.
Your trusted partner in the Cayman Islands
With a dedicated team of skilled professionals from across the corporate, fund and fiduciary sectors, we provide bespoke and practical solutions to meet your needs. Whether you need to streamline your corporate services, add fund administration or fiduciary oversight or address your private wealth affairs, we work with you to give your endeavours the best chance of success.
As a tier 1 CLO provider in the Cayman Islands, we can also support your capital market transactions at both a local level and on a global scale, drawing on our international team of experts.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.