The signing of a tax information exchange agreement (TIEA)
between Jersey and Switzerland has been welcomed by Jersey Finance
as a significant enhancement to Jersey's relationship with
another major International Finance Centre (IFC).
The agreement was signed on 16th September at the Swiss Embassy
in London by Jersey's Chief Minister Senator Ian Gorst and the
Ambassador of Switzerland in London HE Dominik Furgler for the
Swiss Federal Council.
This is Jersey's 32nd TIEA which meets the OECD tax
standards on transparency and information exchange and the 25th
such agreement Jersey has signed with an OECD country.
Geoff Cook, Chief Executive, Jersey Finance said:
"This latest agreement with Switzerland enhances our
relationship with another major IFC, with whom Jersey already has a
good and strong business relationship, particularly in the areas of
wealth management and banking.
"With 32 such agreements now signed and a further dozen
either initialed or where negotiations are well under way, Jersey
continues to make great strides in extending its network of tax
information exchange agreements and playing a key role in the
global drive towards greater transparency and cooperation on tax
One of the Vice Chairs of the OECD's Peer Review Group,
Jersey has also recently given its full support to the G20 Action
Plan, and agreed to join the Multilateral Convention on Mutual
Administrative Assistance on Tax Matters, the EU G5 project on
automatic exchange of information based on FATCA, and to automatic
exchange of information under the EU Savings Directive.
During a recent appearance on BBC, Cayman Finance CEO Jude Scott
highlighted the Cayman Islands' dedication to upholding the
standards and expectations of a premier financial jurisdiction
through transparency and a strong compliance culture.
Gibraltar implemented Protected Cell Company legislation in 2001 and was the first European jurisdiction to do so. Since then Malta has implemented a PCC Act and the UK itself has introduced its own regime for Open Ended Investment Funds.
Any copies of records provided by the firm must be provided in an unencrypted form so that they can be easily analysed when requested by the client, competent authority, or other competent third party.
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