CI Initials TIEA with Spain
Published 20th January 2011, 2:29pm
The Cayman Islands has concluded negotiations for a tax information exchange agreement (TIEA) with Spain, following accord on several areas of common interest.
A key outcome of the agreement that will take effect upon its entry into force will see Spain no longer classifying the Cayman Islands as a ‘tax haven’ under its domestic legislation.
“The conclusion of negotiations with Spain and the anticipated reclassification of the Cayman Islands under Spanish tax law represent significant progress in the Cayman Islands international tax transparency programme,” said Cayman Islands Premier and Minister of Finance, the Hon. McKeeva Bush, OBE, JP. “Spain is also an EU member state and a G-20 country and therefore, Cayman’s agreement fulfils the objectives of our negotiation strategy, which is focused on concluding TIEAs with nations in these two groups.”
The agreement will now proceed through the necessary authorisation processes on both sides to allow it to be signed and enter into force. The date and location for the signing will be confirmed in the coming months.
The Cayman Islands currently has signed 20 bilateral arrangements for the provision of tax information. In addition to Spain, the Cayman Islands currently has 7 agreements awaiting signature – Italy, Japan, India, Greece, Indonesia, South Africa, South Korea – and is in negotiations with many other countries of political and economic significance.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.