European Union’s updated list of non-cooperative jurisdictions for tax purposes

On 17 October 2023, the Council of the European Union (the “Council”) amended the EU list of non-cooperative jurisdictions for tax purposes (the “List”).

The Council decided to add Antigua and Barbuda, Belize, and Seychelles to the List and removed the British Virgin Islands (BVI), Costa Rica, and the Marshall Islands.

Below is the full list of the Countries included in the List:

  1. American Samoa
  2. Antigua and Barbuda
  3. Anguilla
  4. Bahamas
  5. Belize
  6. Fiji
  7. Guam
  8. Palau
  9. Panama
  10. Russia
  11. Samoa
  12. Seychelles
  13. Trinidad and Tobago
  14. Turks and Caicos Islands
  15. US Virgin Islands
  16. Vanuatu

The overall goal of the List is to improve tax good governance globally, and make sure that the EU’s international partners respect the same standards as EU Member States do.

Possible consequences to be considered by Cyprus taxpayers

Taxpayers that situated in the Republic of Cyprus must be aware of the consequences they may face when performing transactions or operations with persons located in a blacklisted jurisdiction for tax purposes (i.e. DAC6 reporting, Witholding Tax on dividends/interest/royalty payments (subject to exceptions).

Please feel free to contact our Team directly for more information or assistance you may need.