At the beginning of May 2010, Cayman had signed its sixteenth tax information exchange agreement (TIEA). The Cayman Islands is on the Organisation for Economic Co-operation and Development (OECD) ‘white list’ of jurisdictions that substantially implement international tax standards.

 It has bilateral arrangements with Aruba, Australia, Denmark, the Faroe Islands, Finland, France, Greenland, Iceland, Ireland, the Netherlands, Netherlands Antilles, New Zealand, Norway, Sweden, the US and the UK.

The Cayman Islands has been an active participant in the OECD global forum on taxation, having been one of the first non-OECD jurisdictions to adopt in 2000 the principles of transparency and exchange of information, based on a level playing field.

In September 2009 the Cayman Islands was elected as a member of the OECD’s steering group at a global forum on transparency and exchange of information.

Along with members from 13 other countries, the Cayman Islands is assisting in the restructuring of policy for the global forum. The global forum is the final decision making body for OECD matters.

The competent authority for tax co-operation arrangements in Cayman is the Tax Information Authority. It also administers bilateral agreements with the 27 EU member states in relation to the automatic reporting of savings income information, in effect since 2005.