Bermuda Signs TIEA With Argentina

August 22, 2011

Earlier this morning [Aug.22] Premier Paula Cox signed Bermuda’s 27th Tax Information Exchange Agreement [TIEA] with Argentina. Today’s signing ceremony took place at Camden. Premier Cox and Dr. Ricardo Echegaray, Head of the Argentinean Federal Administration of Public Revenues sign TIEA:

Photo 1 - TIEA Signing with Argentina

Premier Paula Cox, Acting Cabinet Secretary Judith Hall-Bean and Dr. Ricardo Echegaray (centre) seen with (clockwise): Vincente Fox, Treaty Unit special liaison for South American Affairs, Guillermo Michel, Advisor of the Federal Administrator on Technical Issues and International Affairs, Wayne Brown, Assistant Financial Secretary, Dennis Simons, Ministry of Finance Research Officer (Treaties), Laura Hershey, Ministry of Finance Treaty Advisor, Federico Candiolo, and Adriana Pintabona, Director of Institutional Communication:

Photo 2 - Premier Cox and Bermuda and Argentine delegations

Premier Cox said, “These treaty agreements affect all of us. International business affects us all. When International Business does well we all do well.”

“Though I am inking an agreement, in practical terms, the message that Bermuda is sending is that we continue to be open to business and open for business- the right business. The Argentine Republic is a crucial market particularly for our reinsurance industry.

“This treaty relationship enhances the dealings between the two countries. In fact this morning Dr. Ricardo Echegaray and I had the chance to chat about matters of mutual interest.

“Our TIEA with Mexico has recently come into force and today’s TIEA with Argentina is also communicating the message that Bermuda recognises the value of opening trade relationships with the Latin American market.

“We are also communicating that diversification of the economy is not just about diversification of industries but of diversifying our strategic linkages and economic partnerships.

“Also we are saying that the Government and private sector institutions will be honest brokers in the event Bermuda’s competent authority is called upon under the provisions of a TIEA to share information. So a positive on many fronts. :

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Comments (14)

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  1. Wondering says:

    I cannot understand why the Premier/Finance Minister is continuing to sign agreements when our Island and it’s economy is so unstable. I overheard a conversation on Saturday between a couple of men – we need to hire more people but because of the economy being so unstable, we don’t want to take that chance.

    • Importance says:

      You must not know what a TIEA is about for you to make a comment like this. This agreement allows business to come into Bermuda and vice-versa into Argentina with use of Tax information in which two can more easliy come to an agreement with certain Tax regulations. This means more businesses arriving in Bermuda bringing more jobs for the business sector. Research

      • 32n64w says:

        Totally incorrect.

        This and virtually every other TIEA allow foreign Governments to request (what could be considered) confidential financial information relating to a tax payer who may have business interests in/or administered from Bermuda.

        It is a completely one-sided document negotiated by a neophyte Government and provides virtually no economic benefit to/for Bermudians.

        The type of agreement you’re referring to is a bi-lateral tax treaty which could form the basis of an economic framework to introduce more jobs in Bermuda. A TIEA does/will not.

      • Wondering says:

        More businessess – why would they want to come here if Dr. B chased them away…. Perhaps the treaties are good but with Worldwide concern about economy, education, seniors, housing, policing, crime, medical (hospital,insurance), shipping, Unions and the list goes on – why not leave the treaties and look after home….

        How many companies have come to Bermuda in the last 7 months or since these treaties have been signed all over the world… the only thing that has been spoken about being bought to the Island is “Cheap Drugs” and we know by whom and so far a few places “Treaty signed” have been named.

  2. Lime J says:

    Looking forward to less expensive beef at the market next week .

  3. give it a break! says:

    The threshold by OECD standards is 12. MOst countries stopped at 12….why are we still going on. We have signed the most so far. Is there a race that we should know of, becuase as far as im concern..there are more pressing issues than going beyond the call of duty to clear our names as a “tax haven”

    • 32n64w says:

      It’s simple. The PLP Government doesn’t have the fiscal or intellectual resources necessary to grow the economy so is erroneously hanging their hat on regurgitated TIEAs that do nothing for the taxpayers yet give the PLP the appearance (especially to their myopic supporters who don’t know the difference) of supporting international business when in fact they are doing the opposite.

    • cottage says:

      free trips?

  4. RobbieM says:

    Free photo opportunities??

    • PEPPER says:

      You are right Robbie…all the premier is seen doing is sighning TIEAS !!!!ENOUGH ALREADY.

  5. Triangle Drifter says:

    So…Argentina signs a TEA with what amounts to an itty bitty town. Why waste the time?

    Meanwhile a dock strike looms, COH strike looms & following right behind in time for the new school year, teachers are talking about industrial action.


  6. Surprised? says:

    Will it mean cheaper wine from Argentina to numb the pain

  7. navin johnson says:

    the signing of all of the TIEA’s are a result of the Governments failure to act in a timely manner in the first place. Recall that when Bermuda appeared on the OECD “Grey” list it was because Bermuda missed the generous deadline for agreeing in the first place and Bermuda should have never appeared on the list…that has been lost(by some) with the constant signing ceremonies since. Nice photo ops and the sheeple believe there is value in their premier being seen with pen in hand and people all around pointing at papers and posing….fluff but no substance…still some will be fooled….

  8. Excellent! says:

    The illusion of doing something benefical. More COGWASH!