BVI and Cayman join tax haven 'white list'

The British Virgin Islands and the Cayman Islands have joined the Organisation for Economic Co-operation and Development’s (OECD) 'white list' of tax havens which have "substantially implemented" the internationally agreed tax standard.

Both offshore centres signed their twelfth tax information exchange agreement (TIEA) with New Zealand marking their promotion from the ‘grey list' of tax havens which have yet to adequately meet the OECD standard.

"Today the British Virgin Islands and the Cayman Islands take their place alongside other countries that have substantially implemented the internationally agreed tax standard," says Jeffrey Owens, director of the OECD's Centre for Tax Policy and Administration.

A total of six jurisdictions have now moves into the White List category since April.

"We look forward to working further with theBritish Virgin Islands and Cayman Islands as they extend their network of agreements and work to swiftly and effectively implement them," he adds.