Republic of the Marshall Islands removed from EU list of non-cooperative jurisdictions

The Republic of the Marshall Islands (RMI) has welcomed ECOFIN’s decision to remove it from the EU list of non-cooperative jurisdictions for tax.

At its meeting on 3 October, ECOFIN’s EU Code of Conduct Group reviewed and positively assessed the RMI’s enforcement of the substance requirements, before deciding to remove it from the abovementioned list.

In a press release, the RMI’s Registrar of Corporations said the republic had engaged in an open, transparent dialogue with the EU and made every effort to fully clarify, enact, follow-up, and monitor the implementation of its commitments to the EU.

“We are extremely pleased to hear that the Marshall Islands’ enhanced enforcement measures have been met positively by the EU,” said RMI Minister of Finance Casten Nemra. “We take this opportunity to reiterate that the Marshall Islands unequivocally commits to cooperating with the EU and fully aligning with the EU on economic substance standards.”

The RMI is renowned for its modern corporate registry and has been the jurisdiction of choice for publicly traded shipping entities while its maritime registry is consistently held in high regard worldwide.

Not only is the RMI white listed with the Paris and Tokyo Memorandums of Understanding, but it has also maintained Qualship 21 status with the United States Coast Guard for 19 consecutive years.

With more than 5,500 vessels totalling over 197 million gross tons, the RMI holds the youngest fleet in age overall and is the world’s largest fleet for liquefied natural gas carriers.

The RMI places great importance on compliance with international standards of corporate governance and taxation and will continue its engagement with the EU and other international institutions to ensure these standards are upheld.