VICTORIA, Seychelles, Seychelles is no longer on the European Union list of non-cooperative jurisdictions for tax purposes. The country has now been removed from the black list, which is Annex I, and placed on the watch list, which is Annex II. The decision marks a significant diplomatic achievement for the country following months of engagement with European authorities.
Seychelles’ name, along with three other countries, namely Bahamas, Belize and Turks and Caicos Islands, were removed from the black list yesterday. The country had been added to the European Union list of non-cooperative jurisdictions for tax purposes in October 2023, following a negative assessment from the Organisation for Economic Co-Operation and Development Global Forum with regard to exchange of information on request. The removal is being viewed as a vindication of the country’s recent tax reforms.
The move to the watch list means that Seychelles is no longer considered a non-cooperative jurisdiction, but is being monitored for further progress on transparency and information exchange standards. The country will be expected to continue implementing reforms to address the concerns raised by the OECD Global Forum during its assessment. Officials in Seychelles have noted that the watch list status provides a clearer pathway towards full compliance and eventual removal from all EU lists.
Officials in Seychelles have welcomed the decision, noting that it reflects the substantial progress made in updating the country’s tax framework and improving transparency in recent years. The Ministry of Finance has been working closely with international partners to ensure that Seychelles meets the highest standards of tax cooperation. Several legislative amendments and administrative reforms have been introduced to address the issues identified by international assessors.
The watch list status is reviewed regularly, and Seychelles will be expected to demonstrate continued progress during the next assessment cycle. The government has committed to working with all relevant international bodies to maintain compliance and strengthen the country’s position as a responsible financial centre. The business community has also expressed relief at the removal from the black list, which had raised concerns about potential impacts on foreign investment.
