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Havens leave blacklist as OECD removes Virgin Islands, Cayman
TAX HAVENS the British Virgin Islands and the Cayman islands have been removed from an official “grey list” of countries that disregard tax secrecy laws.
Homes to countless hedge funds due to their low taxes and secrecy, the nations are now on the Organisation for Economic Cooperation and Development’s (OECD) white list.
Both nations signed tax pacts with New Zealand, meaning they now have the necessary 12 bilateral agreements to move off the watch list.
OECD head of tax policy and administration Jeffrey Owens said six states have now moved onto the white list since April.
This comes after a global push to prevent tax evasion and avoidance as developed nations plunge into deficits in the recession.