The southern European country is the eighth EU member with which Jersey has such an agreement and the Channel island said more were planned, noting TIEAs gave it greater market access to ‘some’ EU countries.
The Isle of Man’s TIEA with Portugal was its 16th.
Manx Treasury Minister Anne Craine said the agreement, coupled with the island’s parliament’s recent endorsement of a plan to move to automatic exchange of information under the EU Savings Directive was: “further evidence of the Isle of Man’s strong ongoing commitment to tax co-operation and transparency and to working closely with its European partners.”
TIEAs form part of the OECD’s framework on global tax transparency and cooperation. Last year it was decided countries must sign at least 12 of the arrangements to qualify for its ‘white list’ status of countries that have substantially adopted its standards in tax matters.
