Monday, August 17, 2009

Update: Cayman Islands and BVI Added to OECD White List

On August 14, 2009, the Organisation for Economic Cooperation and Development (the "OECD") announced that the Cayman Islands and the British Virgin Islands have been moved into the category of "Jurisdictions that have substantially implemented the internationally agreed tax standard" (the "White list") on the OECD list of tax havens. See also our previous posting from April 2, 2009.

The OECD list divides more than 80 jurisdictions into the White list, the Grey list, and the Black list depending on their progress in meeting (the) "internationally agreed tax standard". The Cayman Islands and the British Virgin Islands have been moved from the Grey to the White list after signing tax information exchange agreements with New Zealand, increasing the number of tax information exchange agreements that each of the two jurisdictions has to twelve, which is the minimum number required to qualify for the White list.