In Berlin today, the Cayman Islands signed a bilateral tax information exchange agreement with tthe Republic of Ireland, brining its total number of TIEAs to ten. Leader of Government Business McKeeva Bush said he was pleased to sign the agreement as it marked another important step towards the country’s 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 added.
Cayman’s newly formed ‘Negotiation Team’ reportedly 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,” said Mr. Bush. “We look forward to continuing these efforts and I am confident that we will be on the OECD’s white list very soon.”*
Martin Mansergh, Minister of State at the Irish Department of Finance, signed on behalf of the Irish Government. He said the TIEA was 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,” he noted. “The signing of this agreement represents a new chapter in relations between Ireland and the Cayman Islands.”*
Speaking to the Irish media, Mr. Mansergh also said the agreement would allow Ireland’s Revenue Commissioners to request information which is relevant to an Irish tax investigation directly from the authorities in the Cayman Islands. *”Information that would typically be relevant is bank account information and beneficial ownership information for companies and other entities established in the Cayman Islands.”*
Cayman’s bilateral tax information agreement partners include the United States, United Kingdom, Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Norway and Sweden. The jurisdiction also has complementary agreements with Germany, Austria, Belgium, Czech Republic, Luxembourg, Slovak Republic and Switzerland under a unilateral mechanism createdby th the Tax Information Authority Law passed in 2008.