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France : BVI removed from French blacklist
22/12/2015

France updates its official blacklist and removes the British Virgin Islands

The updated blacklist of tax havens to be published by France will from 1st January 2016 no longer include the British Virgin Islands or Montserrat as non-cooperative states.

The blacklist was first published in 2010 and included states and territories that France considered to be non-cooperative if it met three criteria, namely:

■   Was not a member of the European Union;

■   Was subject to an evaluation by the OECD on the exchange of tax information; and

■   Had not concluded an agreement with France for the exchange of tax information nor signed such an agreement with at least twelve other states or territories.

The French Minister of Finance is reported as stating that most requests for information made to the BVI have been answered. Furthermore, the BVI authorities have provided assurances that the internal procedures will be changed to facilitate the exchange of information in response to future requests.

With the removal of the British Virgin Islands and Montserrat there remain only six blacklisted states, including the Marshall Islands.