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Bulgaria Removes Gibraltar from 'Tax Haven' List

Europa Trust Company Ltd
10 May, 2016

Europa Trust Company reports on the news that Bulgaria has definitively removed Gibraltar from its 'tax haven' list. 

The news comes after Canada, Estonia, Italy, Latvia and Poland have also recently removed Gibraltar from their "tax haven" lists.

The Government of Gibraltar initiated contact with the Bulgarian Ministry of Finance who prepared an amendment to its Corporate Income Tax Law to remove Gibraltar from its list of countries with preferential tax regimes as well as the Offshore Companies Law to explicitly exclude Gibraltar from the scope of law. 

The Gibraltar Government was strongly supported during this matter by the Foreign and Commonwealth Office in London and the British Embassy in Sofia. 

The change in status has also been reflected in the updated lists published on the European Commission website.

The Minister for Financial Services and Gaming, Albert Isola stated "We will continue to press the remaining very small number of EU Member States to delist Gibraltar as soon as possible given that we have exchange of information mechanisms for tax purposes, to the OECD standard, with all EU Member States as well as a further fifty countries around the world."

About the Author

Europa Trust Company Ltd

At Europa, we provide bespoke company and fiduciary services to individuals, families, businesses and intermediaries at competitive professional rates. We can deliver and manage on a daily basis simple or complex corporate and trust structures in virtually any jurisdiction. Our extensive expertise and understanding of each structure's individual requirements is matched by a wide range of supporting services. www.europa.gi


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