The Economic and Financial Affairs Council of the European Union (EU) opted to remove Seychelles from Annex I of the list of non-cooperative jurisdictions for tax purposes (commonly referred to as the “EU Blacklist"), following a meeting held on 5 October 2021. This decision entails that Seychelles will no longer be subject to Defensive Measures, which are applied by the EU and its member states vis-à-vis those countries appearing on the EU Blacklist.

Seychelles has been moved to Annex II of the list of non-cooperative jurisdictions (the “EU Grey list") awaiting a Supplementary Review in 2022. The country aims at obtaining a largely compliant status and be removed from the Grey list after that review.

Intercontinental Trust (Seychelles) Ltd released a newsflash with regard to this update. Access it here