Reference Number: PR2641, Press Release Issue Date: Nov 26, 2013
On 25 November 2013, the Republic of Malta and the Cayman Islands signed a Tax Information Exchange Agreement (TIEA) - which provides for a full exchange of information between the two jurisdictions on tax matters. This agreement was signed at the Malta High Commission in London.
The Maltese Minister for Finance, Professor Edward Scicluna signed on behalf of the Government of Malta and the Caymanian Minister of Financial Services, Wayne Panton signed on behalf of the Government of the Cayman Islands.
Also present for the signing ceremony were the High Commissioner of Malta, HE Norman Hamilton as well as the Cabinet Secretary of the Cayman Islands, Samuel Rose.
Minister Scicluna said this Agreement “demonstrated good practice in the global financial sector” whilst Minister Panton remarked that “this level of cooperation signifies the goodwill that exists between Malta and the Cayman Islands.”
Both signatories confirmed the agreement included all standard means to ensure due process was followed in tax information requests to both Malta and the Cayman Islands respectively, including, for example, provisions to protect confidentiality of information. The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege.
Both Malta and the Cayman Islands are members of the OECD Global Forum on Transparency and Exchange of Information.