European Union: Seychelles and Bahamas are no longer tax havens

February 20, 2024 / Radouan Kourak

Twice a year, the European Union updates its blacklist of tax havens and this Tuesday an update was made. Five countries were removed from the list: the Bahamas, Belize, the Turks and Caicos Islands and the Seychelles.

This European instrument to combat tax evasion by multinational companies and wealthy people was created in December 2017 following several scandals such as the Panama Papers and LuxLeaks. Sanctions against countries on the “black list” may include the freezing of European funds.

The blacklist now includes 12 jurisdictions deemed uncooperative: American Samoa, Anguila, Antigua and Barbuda, Fiji, Guam, Palau, Panama, Russia, Samoa, Trinidad and Tobago, the US Virgin Islands and Vanuatu.

These countries are invited by the EU council which brings together the 27 member states “to improve their legal framework in order to resolve the identified problems”.