The Ministry of Finance and Public Functions approved an updated order of countries and regions that are under consideration as tax havens. The new list includes places that were previously excluded from the old regulation. The tax evasion law added new elements that made updating the list essential.
five continents
Most of the countries and regions on the list are islands or small archipelagos scattered across different continents. Many are territories attached to larger nations such as the United Kingdom or the United States.
The Treasury identifies territories as uncooperative jurisdictions and harmful tax regimes. The designation now covers 24 regions:
- The eel
- bahrain
- barbados
- bermuda
- Dominica
- Fiji
- Gibraltar
- Guam
- guernsey
- man island
- Cayman Islands
- Falkland Islands
- Mariana Islands
- Solomon Islands
- Turks and Caicos Islands
- British Virgin Islands
- United States Virgin Islands
- Jumper
- palau
- Samoa, with regard to its harmful tax regime (offshore business)
- American Samoa
- seychelles
- Trinidad and Tobago
- Vanuatu
Among these regions, Bahrain stands out as one of the Persian Gulf kingdoms and the sole Arab country included in the Treasury’s classification. There are also European regions such as Gibraltar and the Isle of Man, plus Jersey and Guernsey, all linked to the United Kingdom.
New tax evasion law
The law passed in 2021 to prevent tax evasion broadened the criteria used to label a region as a tax haven. In addition to transparency and information exchange, the framework now emphasizes tax equality. The Treasury explains that the designation applies to countries and territories that seek to obtain benefits without real economic activity, or where there is inconsistent taxation and the presence of offshore companies. This description reflects the effort to curb regimes that facilitate tax avoidance without substantial local economic activity.
The first list of tax havens dates back to 1991 and included 48 regions. Over time, the number has declined as bilateral tax agreements and information exchange clauses have been signed, reducing the need for a separate designation. These developments show how international cooperation and enhanced transparency have reshaped the landscape of offshore tax regimes.
Overall, the updated framework signals a move toward clearer accountability for regions that offer offshore services or reduced taxation without corresponding real economic activity. It also highlights ongoing efforts to harmonize tax rules and close loopholes that enable profit shifting and hidden ownership structures. This evolution mirrors broader trends in global tax policy where cooperation, data sharing, and consistent regulatory standards are increasingly important for both national budgets and international trade dynamics.
Source: Ministry of Finance and Public Functions, 2025.