Cayman Islands Reach White List Status

August 18, 2009 Offshore BankingTaxation in Cayman IslandsTaxation in New Zealand  No comments

With its twelfth Tax Information Exchange Agreement signed, the Cayman Islands will be now be placed on the OECD white list of countries.

The Cayman Islands and New Zealand signed a Tax Information Exchange Agreement (TIEA) on the 13th of August. This agreement brings the total for the Cayman Islands to twelve, enough to be considered by Organization for Economic Co-Operation and Development to be part of the jurisdictions that have substantially implemented the internationally agreed tax standards, otherwise known as the “OECD White List”.

The announcement came on the same day as news of the British Virgin Islands also reaching white list status. Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, welcoming the development said, “Today the British Virgin Islands and the Cayman Islands take their place alongside other countries that have substantially implemented the internationally agreed tax standard. Six jurisdictions have moved into this category since April. We look forward to working further with the British Virgin Islands and Cayman Islands as they extend their network of agreements and work to swiftly and effectively implement them.”

The Honourable McKeeva Bush, Leader of Government Business/Premier Designate for the Cayman Islands, stated “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.”

Prior to the signing, the Cayman Islands held TIEAs with Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Netherlands, Norway, Sweden, UK and US.

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