Beautiful Virgin Islands

Monday, Aug 04, 2025

Gov’t monitoring reports that BVI being demoted to EU Grey List

Gov’t monitoring reports that BVI being demoted to EU Grey List

Premier Andrew Fahie acknowledged that the government is currently monitoring a developing situation where rumours are circulating that the territory will return to the European Union’s (EU) ‘grey list’ of tax-havens.
The grey list is used for jurisdictions that have not yet complied with all international tax standards but have committed to doing so; usually in a specified time period.

Back in March 2018, the EU had included the BVI in its grey list of cooperative tax jurisdictions. However, the territory was removed from the list and placed on the coveted whitelist in February 2020.

The Virgin Islands had passed the Economic Substance (Companies and Limited Partnership) Act, 2018 and made an amendment to the BVI Securities and Investment Business Act to increase the regulatory oversight of closed-ended investment funds, in response to concerns raised by the EU.

However, an independent online newspaper located in Brussels, Belgium called EUobserver reported that BVI, along with fellow British Overseas Territory Bermuda, Israel and Russia are expected to be added to the grey list based on a draft version of the list.

Speaking to the media on Friday, Fahie said people will be hearing more on this in the coming weeks as the matter is still ongoing.

“We have been doing so much work to ensure that we stay within the boundaries of where we are supposed to be. We do not see sometimes how things are measured especially for small island states. It is what it is, and you will be hearing more about that,” the Premier said.

“We are monitoring if it is so and to see if it has been a leak that it may be so or it may not be so. So, we can’t take chances and make statements unless it is announced in that way. We are doing our work in the background to make sure we get to the bottom of this matter, and we will be reporting to the public accordingly,” Fahie continued.

The EU’s grey list is expected to grow from 15 to 25 jurisdictions and is expected to be adopted by the EU ministers on February 24.

The countries included are deemed by the EU to not have met promises on tax reform. Inclusion on the list provides a public relations headache for the nations, especially the BVI since the financial services sector is one of the main pillars of the territory’s economy.

The grey list is published along with a ‘blacklist’ of the worst offenders that faces EU sanctions. The blacklist is not expected to be changed.

Last year, 676 BVI-registered offshore companies were named in the Pandora Papers — the latest revelation in a line of leaks on the scale of global tax evasion. Panama — the country with the second-highest number of registered companies — is already on the EU blacklist.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
×