The Cayman Islands was included in Italy’s ‘White List’ in early September, in a positive development, which reaffirms recognition in Europe of the strength of Cayman’s robust framework to combat financial crime and tax evasion. The inclusion means that Cayman funds can invest in certain Italian securities such as bonds and securitisation instruments without attracting withholding tax. Furthermore, Cayman funds may receive full exemption from Italian tax on profits, where they own more than 5% of an Italian Real Estate Investment Fund.