This new revision does not include any additions, while three countries or territories have been removed from the previous list (with effect from 7 May 2025):
- Seychelles ;
- The Bahamas ;
- Belize.
This update actually incorporates the changes made by the Council of the EU on 20 February and 8 October 2024 to its “black” list, from which these same jurisdictions had been removed. A more recent update of the European list was also carried out by the EU Council on 18 February 2025, but this latest update only modified the European ‘grey’ list of ETNCs.
It should be remembered that the (French) list of NFCTs includes States or territories that either meet France's internal criteria for exchanging information (article 238-0 A-2), or are on the European “black list” of NFCTs for at least one of the following reasons (article 238-0 A, 2a):
- They are considered by the EU to facilitate the creation of offshore structures or arrangements designed to attract profits without any real economic substance; or
- They do not comply with at least one of the other criteria defined by the Council of the EU relating to tax transparency, tax fairness and the implementation of anti-avoidance measures (known as ‘anti-BEPS’) that EU Member States are committed to promoting and which are set out in Annex V of the EU list.
In this context, the Order of 18 April 2025 removes the Seychelles from the list of ETNCs both on the basis of the French criteria and following their removal from the European list in 2024. The withdrawal of the Bahamas and Belize, which were only listed by the EU, is therefore the result of their removal from the EU list. It should be noted that Antigua and Barbuda and the Turks and Caicos Islands, although removed from the European list and therefore from the French list (since 7 May 2025), have nevertheless been added again by France, this time using strictly French criteria (with effect from 1 August 2025).
As a result of the changes introduced in 2025, the complete list now includes the following jurisdictions: Antigua and Barbuda, American Samoa, Anguilla, Fiji, Guam, Palau, Russia, Turks and Caicos Islands, Samoa, Trinidad and Tobago, United States Virgin Islands and Vanuatu.
It should be remembered that France's inclusion of a country or territory on the list of ETNCs may result in unfavourable tax treatment for individuals, companies or other legal entities (foundations, trusts, etc.) established there and carrying out transactions with France. Examples include the application of a withholding tax or a levy at the increased rate of 75% on French-source dividends or remuneration for the provision of services, or on capital gains from French property realised by residents of or via these countries.
For more information, please contact office@rosemont-mc.com