Cayman signs fifteenth tax deal

(CNS): The Cayman Islands has now signed its fifteenth tax information exchange agreement after the premier put his name to a deal with Australia on Tuesday, during a ceremony held at the Australian embassy in Washington, D.C. Well past the OECD’s guidelines of 12 deals the Cayman Islands government says it aims to sign several more agreements in the near future as negotiations with several countries continue. Premier McKeeva Bush said the TIEAs demonstrated the transparency of Cayman’s financial services sector.

“The Cayman Islands Government is pleased to have signed this agreement with our Australian counterparts and we look forward to many years of cooperation between our two countries as part of our global commitment to upholding international standards of tax transparency and accountability,” said Bush.

“We believe this agreement will reinforce an already solid relationship that exists between Australia and the Cayman Islands, as Cayman’s excellent professional infrastructure, effective legal and regulatory framework and stable business environment are well-known amongst Australian private equity and hedge fund firms.”

The Premier was accompanied at the signing by three members of the Cayman Islands TIEA negotiating team: The Honourable Samuel Bulgin, Attorney General, Mr George McCarthy, Chairman of the Cayman Islands Monetary Authority, and; Mrs Michelle Bahadur, Director of the Financial Services Secretariat, Ministry of Finance.

The Cayman Islands is successfully concluding negotiations with several OECD and G-20 countries and the Government anticipates signing a number of additional agreements over the coming months.