The European Union is going to add Russia (along with Bermuda, BVI and some other countries) to a so called grey list of jurisdictions considered to be not in compliance with the international tax standards. It is reported that the reason for adding Russia to the list is existence of certain administrative regions providing specific tax regimes. One of possible consequences is strengthening of control over financial transactions with Russian residents.
The current list includes such jurisdictions as Anguilla, Barbados, Botswana, Costa Rica, Dominica, Hong Kong, Jordan, Malaysia, North Macedonia, Qatar, Seychelles, Thailand, Turkey and Uruguay.
It is expected that the updated version of the list will be approved by the EU authorities at the end of February.
For more details, please contact the attorneys of our Banking & Finance practice.