Cayman Islands On Italy's Tax 'Whitelist'
by Mike Godfrey, Lowtax.net, Washington
01 September, 2016
The Cayman Islands has been included on Italy's "whitelist" of countries that facilitate the exchange of information, following the entry into force of a tax information exchange agreement between the two territories in August 2015.
Residents of whitelist countries are able to invest in Italy and access a range of tax benefits including lower rates of withholding tax.
Welcoming the news, Jude Scott of Cayman Finance, the territory's financial services promotion agency, said inclusion on the whitelist will " allow Cayman Islands funds to invest in Italian securities such as bonds and securitization instruments and receive interest payments gross of withholding tax. Additionally, Cayman funds may benefit from full exemption from Italian tax on profits attributable to them where they own more than five percent of an Italian Real Estate Investment Fund."
Scott added that the decision was a positive step forward for the territory's financial services industry in Europe.
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