Bahamas And Spain Sign TIEA

by Phillip Morton, Investors Offshore.com

17 March 2010

The Bahamas and Spain will share access to tax information under an agreement signed between Brent Symonette, Deputy Prime Minister and Minister of Foreign Affairs of the Bahamas, and Spanish Ambassador, Jesus Silva Fernandez, on March 11.

Speaking at the signing of the Tax Information Exchange Agreement, Symonette said: “The execution of this agreement with Spain further expands the tax cooperation network that our government has put in place to implement the internationally accepted standards in respect of transparency and effective information exchange in tax matters.” This brings the total number of such agreements signed by the territory to nineteen, thirteen of which are with members of the Organization for Economic Cooperation and Development, he added.

“We would also like to say thank you to the Spanish negotiators, for the collaborative and cooperative spirit in which the negotiations were conducted. This agreement with Spain further strengthens the longstanding relations and friendship which exist between our two countries and provides for an enhanced framework for economic cooperation between us.”

Symonette noted that, through the agreements to expand tax cooperation, Bahamas is now better placed as an international financial centre to benefit from new opportunities in the changing international regulatory environment.

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