The Cayman Islands has recently been included on Italy’s whitelist.
The inclusion in the whitelist means that Cayman domiciled funds are allowed to invest in Italian securities like; bonds, credit and real estate funds, and receive interest disbursements gross of withholding tax.
This is a positive outcome for the Cayman Islands as a leading financial jurisdiction as it shows Cayman’s commitment in being completely transparent with its tax governance and exchange of information especially with the pending approval of the AIFMD passport.
The Cayman Islands signed a Tax Information Exchange Agreement (TIEA) with Italy in 2012 which came into force August 2015. Cayman has now signed 36 TIEAs and have implemented various legislation, entered into inter-governmental agreements and otherwise adheres to other global standards so that it is compliant in all aspects of tax transparency and information exchange. See some of the measures that the Cayman Islands have taken in this regard here.
This publication is for general guidance and is not intended to be a substitute for specific legal advice. Advice should be sought about specific circumstances.
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