Cayman Islands on Brazil’s financial blacklist

| 14/06/2010

(CNS): Cayman remains in the first list of 65 jurisdictions compiled by Brazil’s ministry of finance that do not tax income, or tax it at below 20%, or whose internal legislation does not allow access to information about the ownership or composition of legal corporations. This group includes the Channel Islands, Switzerland and Liechtenstein. The ministry says that Brazil will be able to use special instruments to deal with tax planning structures, and that transactions between Brazilian entities and entities located on such jurisdictions are subject to additional scrutiny and/or unfavorable fiscal conditions.

The update from the Brazilian government also includes a second list of eight "privileged fiscal regimes” within high-tax jurisdictions, which do not necessarily have low tax rates but their legislation contains fiscal privileges for certain types of legal persons.This second list includes Luxembourg, Uruguay, Denmark, with respect to its holding companies, Netherlands, Iceland, Hungary, United States, Spain and Malta.

The first list of 65 countries is:

I – Andorra;

II – Anguilla;

III – Antígua and Barbuda;

IV – Netherland Antilles;

V – Aruba;

VI – Ascension Islands;

VII – Commonwealth of the Bahamas;

VIII – Bahrein;

IX – Barbados;

X – Belize;

XI – Bermuda;

XII – Brunei;

XIII – Campione D’Italia;

XIV – Channel Islands (Alderney, Guernsey, Jersey e Sark);

XV – Cayman Islands;

XVI – Chipre;

XVII – Singapore;

XVIII – Cook Islands;

XIX –Costa Rica;

XX – Djibouti;

XXI – Dominica;

XXII – United Arab Emirates;

XXIII – Gibraltar;

XXIV – Granada;

XXV – Hong Kong;

XXVI – Kiribati;

XXVII – Lebuan;

XXVIII – Lebanon;

XXIX – Liberia;

XXX – Liechtenstein;

XXXI – Macau;

XXXII – Madeira Island;

XXXIII – Maldivas;

XXXIV – Island of Man;

XXXV – Marshall Islands;

XXXVI – Maurítius Islands;

XXXVII – Mônaco;

XXXVIII – Montserrat;

XXXIX – Nauru;

XL – Niue;

XLI – Norfolk Island;

XLII – Panamá;

XLIII – Pitcairn Island;

XLIV – French Polinesia ;

XLV – Queshm Island;

XLVI – American Samoa;

XLVII – West Samoa;

XLVIII – San Marino;

XLIX – Island of Santa Helena;

L – Saint Lúcia;

LI – Federation of Saint Christopher and Nevis;

LII – Island of São Pedro e Miguelão;

LIII – San Vicente and Granadines;

LIV – Seychelles;

LV – Solomon Islands;

LVI – St. Kitts and Nevis;

LVII – Suazyland;

LVIII – Switzerland;

LIX – Sultanate of Oman;

LX – Tonga;

LXI – Tristão da Cunha;

LXII – Turks and Caicos Islands;

LXIII – Vanuatu;

LXIV – American Virgin Islands;

LXV – British Virgin Islands

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