The Prime Minister’s Chief of Staff, Lionel Hurst emphasized the importance of removing the country from the European Union’s list of non-compliant tax jurisdictions in order to attract foreign investment.

He acknowledged the challenges posed by the changing EU tax rules. Representatives from various departments, including the Inland Revenue Department, Ministry of Legal Affairs, ONDCP, FSRC, and the Intellectual Property Office, met with Cabinet to discuss the collaborative efforts that led to the country’s removal from the EU’s list.

Hurst highlighted that remaining on such a list would have significantly hindered the nation’s ability to attract new businesses.

He emphasized the significance of foreign direct investment for the economic growth of Antigua and noted that international banks serving local banks are cautious about doing business with jurisdictions on the EU’s blacklist.

The delisting process required Antigua and Barbuda to address concerns raised following a negative assessment from the OECD Global Forum regarding information exchange protocols.

Hurst stressed that maintaining compliance will necessitate ongoing vigilance as international regulatory requirements continue to evolve, impacting relationships not only with European financial institutions but also with American and Canadian banks.

He pointed out that although the country is currently compliant, any new legislation introduced in the EU could potentially render Antigua and Barbuda non-compliant.