The Cayman Islands government has concluded negotiations for the signing of a tax information exchange agreement (TIEA) with Spain.
Alongside improving tax transparency through the effective exchange of tax information, the agreement includes a protocol to ensure that Cayman Islands is no longer classified as a 'tax haven' in Spain's 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 Premier and Minister of Finance, McKeeva Bush. “Spain is also an EU member state and a G-20 country and therefore, [this] 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 authorization processes in both countries to allow it to be signed and enter into force.
The Cayman Islands currently has signed 20 bilateral arrangements for the provision of tax information. In addition to Spain, the Cayman Islands currently has seven 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.
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Alongside improving tax transparency through the effective exchange of tax information, the agreement includes a protocol to ensure that Cayman Islands is no longer classified as a 'tax haven' in Spain's 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 Premier and Minister of Finance, McKeeva Bush. “Spain is also an EU member state and a G-20 country and therefore, [this] 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 authorization processes in both countries to allow it to be signed and enter into force.
The Cayman Islands currently has signed 20 bilateral arrangements for the provision of tax information. In addition to Spain, the Cayman Islands currently has seven 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.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.