Cayman Signs TIEA with Germany
Published 28th June 2010, 4:9pm
George Town, Grand Cayman – The Cayman Islands and Germany entered into a tax information exchange agreement (TIEA) following a signing ceremony held on Thursday at the GIS Conference Room.
The event was hosted by the Premier, the Honourable W. McKeeva Bush, OBE, JP; the Premier also signed the agreement on behalf of the Cayman Islands. Germany’s Ambassador to Jamaica, Mr Jürgen Engel, signed the agreement on behalf of the Federal Republic of Germany.
"The Cayman Islands’ long-standing commercial ties with Germany and the opportunity to host a distinguished member of its foreign service, Ambassador Engel, make this signing an important one,” remarked the Premier to attendees at the signing ceremony. “Not only have Germany’s leading financial institutions held operations in the Cayman Islands for decades, but our two Governments have worked closely together for many years, most recently as part of our mutual participation in the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes’ Steering and Peer Review Groups. We look forward to many more years of successful work with our German counterparts."
The signing ceremony was attended by the His Excellency the Governor, Mr Duncan Taylor CBE; Attorney General, the Honourable Samuel Bulgin QC; Financial Secretary, Kenneth Jefferson members of the legislative assembly, senior officials from the Ministry of Finance and the Cayman Islands Monetary Authority, as well as representatives from the private sector.
In addition to his signatory duties during his visit to Grand Cayman, Ambassador Engel met separately with His Excellency, as well as informally with Germany’s Honourary Consul for the Cayman Islands, Mrs. Christiane Schuette-McField. The Ambassador also spent time with representatives from Cayman’s business community.
Notes to Editors
- Remarks by the Premier and Ambassador Jürgen accompany this release.
- Background on the Cayman Islands International Tax Cooperation Regime
- The Cayman Islands is on the Organisation for Economic Cooperation and Development (OECD) ‘white list’ of jurisdictions that substantially implement international tax standards and has 18 bilateral arrangements with the following countries for the provision of tax information: Aruba, Australia, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, the Netherlands, Netherlands Antilles, New Zealand, Norway, Portugal, Sweden, the United States and the United Kingdom. Copies of the agreements can be found via the following link: www.tia.gov.ky/html/arrangements.htm.
- The Cayman Islands has been an active participant in the OECD Global Forum on Taxation, having been one of the first non-OECD jurisdictions to adopt (in 2000) the principles of transparency and exchange of information, based on a level playing field.
- In September 2009, the Cayman Islands was elected as a member of the OECD’s Steering Group at a Global Forum on Transparency and Exchange of Information held in Mexico. Along with members from thirteen other countries, the Cayman Islands is assisting in the restructuring of policy for the Global Forum, with the remit of preparing and guiding the Global Forum’s future work. The Global Forum is the final decision making body for OECD matters.
- The Cayman Islands competent authority for tax cooperation arrangements is the Tax Information Authority, established under the Tax Information Authority Law, 2005. More information on the Authority can be found on www.tia.gov.ky.
- The Tax Information Authority also administers bilateral agreements with the 27 EU Member States in relation to the automatic reporting of savings income information, in effect since 2005.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.