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Cayman To Share Tax Data With Brazil

by Phillip Morton, Investors

22 March 2013

The Government of the Cayman Islands has announced the signing of a landmark tax information exchange agreement (TIEA) with Brazil on March 19, 2013.

The Cayman Government said the agreement would build upon strong business relationships between the two territories, and act as a springboard for future collaboration in areas of mutual interest to boost trade and investment between the territories.

Data from the International Monetary Fund indicates that the Cayman Islands already ranks among the top five territories worldwide for portfolio investment assets in and out of Brazil. In 2011, capital flows from global investors channeled through Cayman investment funds into Brazil totaled some USD17bn. These flows are used for projects like major infrastructure and asset financing.

For Cayman, the agreement is the territory's 31st that adheres to the Organization for Economic Cooperation and Development's standard on tax transparency and information exchange placing it among the world's most cooperative nations. Brazil and Cayman have a pre-existing legal framework to boost relations; through a Memorandum of Understanding between the Cayman Islands Monetary Authority and the Brazilian central bank in 2006; and a MoU signed with Brazil's securities and exchange commission in 2009.

Commenting, Rolston Anglin, Cayman Minister for Financial Services, said: "[This TIEA] sends another strong signal to the global community that the Cayman Islands is serious about building solid partnerships, and adhering to the international standards set by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes."

TAGS: tax | investment | business | tax information exchange agreement (TIEA) | interest | financial services | investment funds | international financial centres (IFC) | Cayman Islands | offshore | Brazil | G20 | standards | trade | services

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