WILLEMSTAD - Curaçao is still on the European Union’s grey list of countries that do not fully cooperate on tax matters, according to a confirmation from the Ministry of Finance. Despite ongoing efforts by the island to meet the standards set by the Organization for Economic Co-operation and Development (OECD), Curaçao will remain on the list for the time being. A key assessment of its legal framework for the automatic exchange of financial information will not be published until November 2024. 

The European Union placed Curaçao on the grey list due to identified deficiencies in its system for the automatic exchange of financial information. These shortcomings were highlighted by the Global Forum, a body within the OECD responsible for monitoring international tax transparency. The EU reviews the list every six months, and Curaçao is expected to stay on the grey list until at least February 2025. 

Finance Minister Javier Silvania has reiterated that Curaçao is committed at the highest political level to addressing these deficiencies by the end of the year. 

The EU’s Code of Conduct Group evaluates third countries on tax transparency, harmful tax practices, and anti-tax avoidance measures. Nations that fail to meet these standards are placed on either the black or grey list. Curaçao has expressed its determination to quickly comply with these standards and is working closely with international partners to implement the necessary reforms.