On 9 October 2026, the Government of Belize announced that the European Union’s Economic and Financial Affairs Council (ECOFIN) has formally removed Belize from Annex II of the EU list of non-cooperative tax jurisdictions. This decision follows a comprehensive tax transparency review conducted by the EU Code of Conduct Group (Business Taxation), which assessed Belize’s compliance with international standards on exchange of information, fair taxation, and anti-BEPS measures. The removal reflects Belize’s sustained legislative and administrative reforms, including the enactment of the International Business Companies (Amendment) Act 2023, the introduction of economic substance requirements, and the operationalization of automatic exchange of financial account information under the Common Reporting Standard (CRS). The Government emphasized that this milestone restores Belize’s reputation as a cooperative jurisdiction and enhances its attractiveness for foreign direct investment.
Key Takeaways
- EU Annex II Delisting Effective Immediately: Belize’s removal from the EU’s ‘grey list’ takes effect from the date of the Council decision, eliminating the reputational risk and potential defensive measures that EU member states could apply against Belizean entities. This development simplifies cross-border transactions for Belize-based companies and financial institutions dealing with EU counterparties.
- Commitment to Ongoing Compliance: The Government has pledged to maintain the regulatory framework that satisfied EU criteria, including continued adherence to OECD BEPS minimum standards, beneficial ownership transparency, and spontaneous exchange of tax rulings. The Ministry of Finance will submit annual progress reports to the EU Code of Conduct Group to ensure sustained compliance.
- Positive Signal for International Investment: The delisting is expected to improve Belize’s standing in global tax transparency indices such as the Global Forum peer reviews and the Financial Action Task Force (FATF) assessments. This outcome supports the Government’s broader economic strategy to position Belize as a credible jurisdiction for international business and financial services.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement