Mexico Ratifies TIEAs With Bermuda, Netherlands Antilles

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James Spader

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The Official Gazette of the Mexican Federal Republic has recorded the ratification of tax information exchange agreements (TIEAs) between Mexico and Bermuda, and another with the Netherlands Antilles on July 26, 2010.


The TIEA between Mexico and Bermuda was signed on October 15, 2009 by Mexican Minister of Finance and Public Credit, Agustin Carstens, and Bermuda’s Minister of Finance and Deputy Premier, Paula Cox, in Mexico City.



At the time of signing, Bradley Kading, President and Executive Director of the Association of Bermuda Insurers and Reinsurers, said: "Mexico is exposed to earthquake and hurricane loss potential, very similar to the United States. Bermuda's reinsurers are the leading providers of natural disaster catastrophe reinsurance and as a result we are logical providers of coverage to Mexico domiciled insurers. We provide 40% of the hurricane and earthquake reinsurance to North America. This tax agreement should contribute to additional cross border trade of benefit to Mexican business and consumers in need of financially strong risk takers."



State Secretary of Finance for the Netherlands Antilles, Alex Rosaria, and Mexican Finance Minister, Augustín Cartens, signed their TIEA on September 2, 2009 in Mexico City ahead of the fifth Global Forum on Transparency and Exchange of Information.



Soon after this, the Netherlands Antilles was deemed a 'white-listed' country by the Organisation for Economic Cooperation and Development (OECD), having substantially implemented the OECD standard on exchange of tax information.



 

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