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BVI Joins USVI, Other Small Caribbean and Pacific States on European Union ‘Tax Haven’ Blacklist

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(VI Consortium) The British Virgin Islands will join the U.S. Virgin Islands on the European Union “black list”, a collection of “tax havens”, as adjudged by EU Finance ministers. The official announcement, according to Reuters’ reporting on a leaked draft document, will occur this week Tuesday, and will include Russia, Costa Rica, and Marshall Islands along with the BVI.

The above-named countries will join American Samoa, Anguilla, the Bahamas, Fiji, Guam, Palau, Panama, Russian Federation, Samoa, Trinidad and Tobago, Turks and Caicos Islands, and Vanuatu on the blacklist.

The EU, when making decisions on economic co-operation with other countries, is said to consider whether the nation in question is on the blacklist, or “list of non-cooperative jurisdictions for tax purposes.” Countries on the blacklist are at risk of not receiving EU funding, and can face higher barriers in accessing finances from non-EU sources.

Aside from Russia, whose addition in 2023 may be ascribed to current events, a consideration of the demographics of the other countries on the EU blacklist surfaces a major commonality — one which leads Caribbean economist Marla Dukharan to describe the EU policies in this regard “indisputable examples of institutional racism and bullying.”

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