Ferbies /
17 June 2014Accounting & tax analysis

Cayman set to sign a TIEA with Colombia

Cayman and Colombia are set to sign a tax information exchange agreement on 1 July. The agreement will be the 36th signed by Cayman, with negotiations underway with another 14 jurisdictions.

As a result of the tax information exchange agreement, Cayman has been removed from Colombia’s Tax Haven List (Non-Cooperative Jurisdictions).

Both countries have committed to the early adoption of the OECD’s Common Reporting Standard for automatic exchange of information, and are both members of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

Commenting on the deal Insurance Managers Association of Cayman (IMAC) chairman Rob Leadbetter says: “We view Latin America, and Colombia in particular, as a solid market in the captive insurance space.  This TIEA coming into effect reinforces Cayman as a viable option for Colombian companies looking for self-insurance alternatives as well as for investment funds and trusts.  With only a handful of jurisdictions on this white-list, we are well-positioned to offer a valuable service to these companies”.