The Isle of Man signed a tax information exchange agreement (TIEA) with the Cayman Islands on September 22, the Isle of Man government has announced. The agreement is the Isle of Man’s 33rd TIEA.
Isle of Man Treasury Minister Eddie Teare said the agreement will allow automatic exchange of financial account information with the Cayman Islands beginning in 2017. The Isle of Man expects to sign more TIEAs with other nations in the coming months to implement automatic exchange of information, he said.
“Within the Isle of Man we are not immune to the issues of tax avoidance and tax evasion, and the Isle of Man receives as well as sends information,” Teare said.
The agreement will enter into force 30 days after the countries have notified each other that the necessary domestic procedures to bring the agreement in to force have been completed.
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