The Cayman Islands and Italy signed a tax information exchange agreement (TIEA) during a ceremony on Monday, 3 December, in London.

The Premier, the Hon. McKeeva Bush, OBE, JP. signed on behalf of the Cayman Islands, whileHis Excellency, Ambassador of Italy in the UK, Alain Giorgio Maria Economides, signed on behalf of Italy. ‘Today we extend a commitment to Italy, marking a significant milestone in the relationship between our countries’, Mr Bush said during the event, which was hosted by Mr Economides’.

‘We are pleased to see this tax information exchange agreement come to fruition, and we note that Italy is the final of the G7 countries to have a TIEA signed with the Cayman Islands’.

‘As fellow Global Forum and Peer Review Group members, the Cayman Islands and Italy already have a working relationship. But I believe we both look forward to the enhanced association and benefits that this agreement will produce between our two countries’, he noted. ‘Moreover, we hope to become better commercial partners, particularly given the exceptional relationships between our financial services sectors’.

Mr Economides said he also welcomed the TIEA with the Cayman Islands.  

‘I congratulate the officials from both our countries that negotiated it. I particularly congratulate the Cayman Islands Government for reaching the very high standards set by the OECD’, Mr Economides said.  

‘All of us who have signed these agreements are doing our duty to ensure that we have transparency and cooperation in taxation and international finance. But that can also lead to cooperation in other matters, which is good for people and businesses in both our countries,’ he added. ‘This openness and trust can lead to more trade and tourism and harmony between peoples and countries. I wish both our countries success with this agreement’.

Also attending the signing ceremony on behalf of the Cayman Islands was:

• Attorney General, the Hon. Samuel Bulgin, QC, JP;
• Minister for Education, Training and Employment, the Hon. Rolston Anglin, JP;
• Financial Secretary, Mr Kenneth Jefferson, JP;
• Director of the Cayman Islands Government Office in the United Kingdom, The Rt Hon. the Lord Blencathra;
• Director of Tax Information Authority of the Cayman Islands, Mr Duncan Nicol; and
• Senior Political Assistant to the Premier, Mr Richard Parchment.

In addition to Mr Economides, the Italian delegation included:

• Guardia di Finanza Attaché, Colonel Emilio Fiora; and

• Counsellor for Economic Affairs, Mr Marco Mancini.