Beautiful Virgin Islands

Wednesday, Aug 27, 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
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×