An agreement between the Nordic countries and the Cayman Islands has
been established that would provide information about companies
enjoying tax shelters in the island country.
The deal would give tax authorities in the Scandinavian countries access to the banking records of Scandinavian countries in the Cayman Islands, to see if any of these companies were using tax shelters to conceal earnings. The deal is expected to be formally put into action in Stockholm, Sweden on 1 April.
Other deals are in the works for other traditionally tax shelter-rich countries, among them Aruba, Bermuda, and the British Virgin Islands.
Due to pressure from the OECD, the Cayman Islands and many other small nations whose economies are boosted by – if not entirely based on – providing tax shelters for the wealthy now must give more tax authorities abroad access to banking records.
Book your day tours in Iceland right here!