British Virgin Islands to Reach OECD White List

August 17, 2009 International Tax CooperationOffshore BankingTaxation in British Virgin IslandsTaxation in New Zealand  No comments

The British Virgin Islands now have the twelve Tax Information Exchange Agreement signatures required to achieve ranking on the OECD “white list” of countries.

The British Virgin Islands will soon join the ranks of 47 countries that the Organization for Economic Cooperation and Development (OECD) has deemed to have “substantially implemented the internationally agreed tax standards”. The move comes with the signing of the 12th Tax Information Exchange Agreement (TIEA) for the British Virgin Islands, the partner of which was New Zealand.

At the signing ceremony, Ralph O’Neal, Premier of the British Virgin Islands, said “The conclusion of this TIEA demonstrates the commitment of both the BVI and the New Zealand governments to the OECD principles of transparency and effective exchange of information. We are delighted that, in signing this TIEA with New Zealand today, we are now on the OECD’s white list.”

Further, at the ceremony, Premier Ralph O’Neal commented that there will soon be a signed TIEA between the Netherlands and the British Virgin Islands, and also that the jurisdictions is also currently in negotiations with Ireland. Prior to signing this agreement, the British Virgin Islands held TIEA agreements with Australia, France, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden, Denmark, UK and the US.

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