Above: the Cayman Islands (CJ Photo)

By the Caribbean Journal staff

The Cayman Islands and Colombia will sign a tax information exchange agreement on July 1, the government announced.

The TIEA will “be in accordance with global regulatory standards.”

The agreement will be the 36th signed by the Cayman Islands, and the British Overseas Territory’s third in 2014, following similar pacts with the Seychelles and Belgium.

Cayman said negotiations were currently underway on TIEAs with an additional 14 nations.

Through the agreement, Colombia will remove the Cayman Islands from the country’s Tax Haven List (Non-Cooperative Jurisdictions).

“We view Latin America, and Colombia in particular, as a solid market in the captive insurance space,” said Rob Leadbetter, chairperson of the Insurance Managers Association of Cayman. “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.”