The European Commission recently published its much-anticipated list of non-cooperative tax jurisdictions. See “
How the E.U. Tax Haven Blacklist May Affect Private Funds Formed in Blacklisted Jurisdictions
” (Nov. 2, 2017). The list is effectively split in two: 17 non-E.U. jurisdictions are included on a so-called “blacklist”; and a further 47 are included on a so-called “grey list.” Of the two, the grey list is of significantly greater interest and importance to the private funds industry, as it contains a number of jurisdictions in which advisers to private funds frequently elect to form offshore investment vehicles, including the
. In a guest article, Will Smith and Caleb McConnell, partner and associate, respectively, at Sidley Austin, review the composition of jurisdictions on the blacklist and the grey list; the impact to private funds that are organized in those locales; and steps that must be taken by grey-listed jurisdictions to avoid future blacklist status. For additional coverage of the U.K.’s approach to combatting tax evasion, see “
U.K. Proposes Legislation to Impose Criminal Liability on Companies and Partnerships Whose Employees and Other Agents Facilitate Tax Evasion (Part One of Two)
” (Feb. 23, 2017); and “
How U.S. Private Fund Managers May Avoid Running Afoul of Proposed U.K. Legislation Criminalizing the Facilitation of Tax Evasion (Part Two of Two)
” (Mar. 2, 2017). For further commentary from Smith on tax issues, see “
Recent Tax Developments May Make U.K. Limited Companies More Favorable Than U.K. LLPs for U.S. Fund Managers
” (Apr. 20, 2017).
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