France has updated its list of non-cooperative states and territories (NCCTs) earlier in February by adding the Bahamas and the Turks and Caicos Islands.
As a reminder:
States and territories on this list will be subject to restrictive measures.
There are several grounds for inclusion in the list - a State or territory may be included in the list on one or more grounds:
- Failure to exchange tax information: such as the British Virgin Islands, Seychelles, Anguilla and Panama.
- Facilitation of the creation of offshore structures or arrangements with the objective of attracting profits without real economic activity: this is the case of Vanuatu, the Bahamas, Turks and Caicos Islands and Anguilla.
- Other criteria such as the absence of potentially harmful preferential tax measures, the absence of implementation of anti-BEPS measures or the absence of tax transparency. This is the case for Fiji, Guam, US Virgin Island, Palau, Samoa, Trinidad and Tobago and Panama.
For more information, please contact consulting@rosemont.mc