July 12, 2020

Cayman Islands signs TIEA with Brazil


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brazil-christ-redeemer_6011_600x450The Cayman Islands government has signed a Tax Information Exchange Agreement (TIEA) with the Republic of Brazil. The TIEA is a bilateral agreement that has been negotiated and signed between two countries to establish a formal regime for the exchange of information relating to taxes.

This type of agreement aims to increase transparency and allows one nation to request information from the other to facilitate the effective exchange of tax information. This allows the Brazilian government to obtain information from the Cayman Islands authorities and vice versa. The Cayman Islands uses the Organization for Economic Co-Operation and Development (OECD) model agreement on exchange of information on tax matters to ensure that its bilateral agreements meet international standards.

This treaty is expected to build upon business relationships that are already in place, and provide a springboard for future collaboration on areas of mutual interest that can facilitate economic growth and development in both countries.

“It 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 OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes,” says Cayman’s signatory Rolston Anglin, Cayman Minister for Financial Services.

Anglin says that the TIEA with Brazil will pave the way for future cooperative efforts with Brazil, and that it has the potential to increase commercial activity with the largest economy in South America – a G20 country that is recognised as a rapidly emerging global player.

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

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