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.