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West Palm Beach (HedgeCo.net) – The Organisation for Economic Cooperation and Development (OECD) added the Cayman Islands to its ‘white list’ of jurisdictions that implement international tax standards for investors such as hedge funds and other alternative investors.
Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, welcomed the signing of the Cayman Islands’ twelfth Tax Information Exchange Agreement (TIEA) with New Zealand, on 13 August 2009 putting it “alongside other countries that have substantially implemented the internationally agreed tax standard.”
In response, the Cayman Islands Government summarized: “For over four decades the Cayman Islands has steadily earned its place as a world-class international financial services centre. The Cayman Islands Government sees the OECD’s recognition as a natural outcome of the country’s substantial commitment to uphold an equally worldclass international cooperation regime in the exchange of tax information.”
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HedgeCo.net (West Palm Beach) – The Organisation for Economic Cooperation and Development (OECD) added the Cayman Islands to its ‘white list’ of jurisdictions that substantially implement international tax standards.
The Cayman Islands recognition came about after the country signed its twelfth Tax Information Exchange Agreement (TIEA) with New Zealand, on 13 August 2009.
“For over four decades the Cayman Islands has steadily earned its place as a world-class international financial services centre." Leader of Government Business/Premier Designate, the Honourable McKeeva Bush said, "The Cayman Islands Government sees the OECD’s recognition as a natural outcome of the country’s substantial commitment to uphold an equally world-class international cooperation regime in the exchange of tax information.”
Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, welcomed the signing which puts Cayman Islands “alongside other countries that have substantially implemented the internationally agreed tax standard.”
The Cayman Islands’ maintains 12 bilateral tax information arrangements with the following countries: Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Sweden, United Kingdom and the United States.
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West Palm Beach (HedgeCo.net) – The Cayman Islands Government signed a Tax Information Exchange Agreement (TIEA) with Ireland at a ceremony held at the British Embassy in Berlin.
Signing the agreement on behalf of the Cayman Islands was the Leader of Government Business/Premier Designate and Minister for Financial Services, the Hon. McKeeva Bush, OBE, JP.
“The Cayman Islands is pleased to sign this agreement today with Ireland, marking another important step towards our ongoing commitment to international cooperation and OECD standards for transparency and exchange of information on tax matters. This signing will commemorate the beginning of what I am sure will be a highly productive and mutually rewarding relationship between the Cayman Islands and Ireland,” Bush said.
He added, “Our newly formed ‘Negotiation Team’ has worked tirelessly to secure technical agreements quickly. Our signing last week of a Double Taxation Agreement with the UK together with today’s signing is a direct result of their commitment and hard work. We look forward to continuing these efforts and I am confident that we will be on the OECD’s white list very soon.”
The Cayman Islands delegation, which was led by Mr. Bush also included the Minister of District Administration, Works, and Gender Affairs the Hon. Julianna O’ Connor-Conolly, JP; Chief Secretary the Hon. George McCarthy, OBE, JP; Financial Secretary the Hon. Kenneth Jefferson, JP; Chief Officer for Ministry of Financial Services Carson Ebanks, OBE, JP; Senior Assistant Secretary Michelle Bahadur; Senior Political Assistant Richard Parchment; Cayman Islands Monetary Authority General Counsel/Deputy Managing Director Langston Sibblies and Paul Byles.
Signing on behalf of the Irish Government, Martin Mansergh, TD, Minister of State at the Irish Department of Finance said, “We are very pleased to be here to sign this TIEA with the Cayman Islands. This is concrete evidence of the significant progress that has been made in recent months. Ireland welcomes the commitment of the Cayman Islands to implement the OECD standards of transparency and exchange of information in tax matters and their willingness to enter into tax information exchange agreements. The signing of this agreement represents a new chapter in relations between Ireland and the Cayman Islands.”
The Cayman Islands now maintains ten bilateral tax information agreements with the following countries: United States, United Kingdom, Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Norway and Sweden.
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George Town, Grand Cayman – The Cayman Islands Government today announced the extension of comprehensive tax information assistance to seven new countries, under provisions in the Tax Information Authority Law introduced in 2008, which do not require a bilateral treaty.
The seven countries now able to request tax information from the Cayman Islands under this unilateral mechanism are Germany, Austria, Belgium, Czech Republic, Luxembourg, Slovak Republic and Switzerland. Requests may be made in relation to both civil/administrative and criminal tax matters.
“The Cayman Islands was one of the first jurisdictions to commit to OECD standards for transparency and exchange of information in tax matters. We have upheld that commitment by working with OECD and non-OECD colleagues to design effective standards, by reflecting those standards in our domestic regime, and then embarking on a programme to extend assistance arrangements to other countries; the first being our tax information agreement with the U.S. signed in 2001,” said the Leader of Government Business, the Honourable Kurt Tibbetts.
Minister Tibbetts added, “Our actions today in extending tax information assistance to seven more countries is the culmination of many months of technical work, and we are especially grateful to Germany for the insight they were able to provide by virtue of having a unilateral mechanism for cooperation in tax matters themselves.”
The unilateral mechanism is complementary to Cayman’s bilateral negotiation programme. The latest development in that area was the conclusion of technical negotiations with the Nordic countries for a series of bilateral agreements, including tax information agreements. The seven tax information agreements are currently going through the political authorisation process on both sides, to enable execution at a signing ceremony in Stockholm on 1 April 2009, with the commercial agreements to follow in June 2009.
Minister Tibbetts concluded by stating that the Cayman Islands also looks forward in the immediate term to concluding bilateral arrangements with the United Kingdom.
For more information
Ted Bravakis Director, Public Relations Unit Portfolio of Finance & Economics P +1 (345) 244 2266 E ted.bravakis@gov.ky www.caymanfinance.gov.ky
