The British Virgin Islands and Cayman Islands today each reached the benchmark number of 12 Tax Information Exchange Agreements (TIEAs). The development is expected to elevate both territories to the Organisation for Economic Cooperation and Development’s (OECD) white list of jurisdictions that have substantially implemented its international tax standard.

 Premier of the BVI Ralph T. O’Neal and Leader of Government Business in the Cayman Islands McKeeva Bush signed the agreements on August 13 with New Zealand Ambassador to the US Roy Ferguson at the New Zealand embassy in Washington, D.C.

The BVI now has TIEAs with New Zealand, France, Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden, Australia, the United States, and the United Kingdom. In a statement before Thursday’s signing Premier O’Neal said the BVI is in negotiations with other countries and expects to conclude additional TIEAs in the near future.

The Cayman Islands now have TIEAs in place with New Zealand, The Netherlands, Ireland, the United States, the United Kingdom, Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden.