5 April 2013Analysis

Cayman moves ahead with FATCA compliance

The Cayman Islands government has announced its adoption of Model 1 of the intergovernmental agreement on FATCA, with similar agreements forthcoming with the UK.    The agreement will strengthen Cayman’s tax information status and will sit alongside 31 tax information exchange agreements Cayman has already signed with jurisdictions globally, the latest being with Brazil. Commenting on the development, Rod Leadbetter, chairman of the Insurance Managers Association of Cayman said: “This is another demonstration of Cayman leading by example in international regulatory initiatives. Cayman has had transparency gateways with tax authorities around the world for decades and so this is just another rung in that ladder.  It will ensure that Cayman remains competitive as a well-respected international financial services centre”.