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A local Chartered Accountant has reacted with surprise to a report suggesting that St Lucia is among other world countries that have been blacklisted by the European Union on its first list of tax havens.

Barbados and South Korea are also on the list of 17 territories with the EU regulations on Tax havens.

A “watchlist” of 47 countries promising to change their tax rules to meet EU standards has also been issued.

The “grey list” includes several with UK links, including Hong Kong, Jersey, Bermuda and the Cayman Islands, as well as Switzerland and Turkey.

Richard Peterkin says there are several reasons why a country could be on the blacklist which does not suggest that they are not trying to become compliant with the regulations.

Peterkin observes however, that the situation is not expected to affect the Citizenship by Investment Program, which allows non nationals to purchase passports once they are approved to do so. However, he says, it would help if the country does not appear on such a tax haven blacklist.

The EU made exceptions for countries faced with natural disasters such as hurricanes, and put the process temporarily on hold.

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