[OffshorePrivacy]

Bahamas, New Zealand Sign TIEA

The Bahamas and New Zealand have signed a Tax Information Exchange Agreement (TIEA). The Bahamas' fifth such agreement was signed by its Ambassador to the region, Cornelius Smith, and New Zealand Ambassador to the US, Roy Ferguson.

The signing of the agreement culminates from a negotiation process between the two countries aimed at developing a legal instrument that could be used to establish effective exchange of tax information. The agreement is based on the Organization of Economic Cooperation and Development (OECD) model agreement developed to enhance international transparency and information exchange.

Ferguson said at the signing that his country’s government was “delighted” to sign the TIEA with the Bahamas. Ambassador Ferguson offered congratulations on what he said his government saw as the “forward-looking steps” being taken by the Bahamas with respect to tax information exchange matters.

For his part, Smith said:

“The signing of this agreement between the Commonwealth of The Bahamas and New Zealand for the exchange of information with respect to taxes bears witness to the government of The Bahamas’ commitment to implement the evolving international standards of transparency and effective information exchange in tax matters.”

“It is the fifth tax information exchange agreement concluded by the government of the Bahamas and the third it has concluded with an OECD country.”

“As the Bahamas and New Zealand adjust to the ever-changing global financial and economic landscape we look forward to a productive and cooperative relationship with New Zealand in this and other areas.”

The first TIEA signed by the Bahamas was with the United States in 2002; the other three TIEAs are with the UK, Monaco, and San Marino.