An intergovernmental agreement on international tax compliance between the United Kingdom and the Cayman Islands intended to improve international tax compliance was signed on 5 November 2013.

The Base Erosion and Profit Shifting (BEPS) Project has been a major project for the OECD which has been working hard for the past couple of years to progress and promote it globally.

The Cayman Islands Government announced last week that negotiations with the United States (US) on a Model I Intergovernmental Agreement (IGA) and a new Tax Information Exchange Agreement (TIEA) have now been concluded.

Financial institutions in Bermuda, such as banks and trust companies, will soon be obliged to provide information to foreign tax authorities.

With a net worth of USD77.1 billion, Mexican telecoms businessman Carlos Slim Helú was ranked the second richest person in the world in a 2015 survey.

The offshore funds market is growing rapidly and the Cayman Islands ("Cayman"), the British Virgin Islands ("BVI") and Bermuda have become the pre-eminent jurisdictions for the establishment of investment funds.