Cayman and Germany sign TIEA
The Cayman Islands entered into a Tax Information Exchange Agreement (TIEA) with Germany.
A signing ceremony was held on May 27, 2010. The Cayman Islands’ Premier, McKeeva Bush and Germany’s Ambassador to Jamaica, Jurgen Engel, signed the agreement.
The TIEA will allow for the exchange of tax information between the tax authorities of the Cayman Islands and Germany upon request, in case there is evidence of the perpetration of fiscal crime, or in civil tax matters.
Mr Bush said that the jurisdiction’s long-standing commercial ties with Germany make the signing an important step. He also welcomed the opportunity to host Ambassador Engel, a distinguished member of its foreign service. According to Bush, “Not only have Germany’s leading financial institutions held operations in the Cayman Islands for decades, but our 2 governments have worked closely together for many years, most recently as part of our mutual participation in the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes’ Steering and Peer Review Groups.“ Bush said that the Cayman Islands have had a bilateral agreement with Germany in effect since 2005 as part of the implementation of the EU Savings Directive, under which interest income earned by German citizens in Cayman Islands accounts is reported.