EU blacklists Cayman Islands
The EU has blacklisted the Cayman Islands after reviewing its Annex II, a list of non-co-operative jurisdictions for tax purposes.
Minutes from the European Council meeting held in Brussels on 18 February stated: “Cayman Islands does not have appropriate measures in place relating to economic substance in the area of collective investment vehicles.”
The blacklisting is of particular importance for private equity funds, as managers are increasingly using Luxembourg-Cayman parallel fund structures because they were both deemed to be well established fund jurisdictions.
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Categories: NewsFundraising & fund structuringDomiciles
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