Cayman Island Government. Photo: Caribbean Journal

The convention aims to combat tax evasion and “aggressive tax avoidance” by allowing member states to assist each other on tax matters.

“Our formal request to join comes after many months of substantive discussions between Cayman and the UK, and it underscores our continued commitment to proactive participation in matters related to international tax cooperation,” said Wayne Panton, Cayman’s Minister for Financial Services.

Panton said the convention was aligned to the international standard on information exchange for tax purposes, calling it a “major development in the global tax and transparency landscape.”

“The financial services industry [in Cayman] was consulted, through Cayman Finance, during these discussions, and we are confident that the implementation of the bilateral agreements that will arise from the convention will consider the needs of our jurisdiction,” said Gonzalo Jalles, CEO of CAyman Finance.