Published On: Fri, Dec 21st, 2012

Curaçao to Exchange Tax Information with Colombia

WILLEMSTAD – CIFA, the Curaçao International Financial Services Association, represents the interests of the international financial sector of Curaçao. The CIFA communicated in a press release that the association welcomes the intentions of Colombian Minister of Finance, Mauricio Cárdenas, and Curaçao Minister of Finance Jardim. These representatives of the governments of Colombia and Curaçao are committed to establishing a Tax Information Exchange Agreement (TIEA) between the two countries.

The financial sector association is very much in favor of expanding the network of tax treaties by means of TIEAs and especially Double Taxation Agreements (DTAS) that avoid double taxation. The CIFA therefore calls strongly for efforts by both countries aimed at achieving a DTA as well.

The new tax agreements create possibilities to attract new customers with inbound investments in Colombia via Curaçao. New tax agreements also reconfirm that Curaçao is a transparent and reliable tax jurisdiction.

The financial problems of Interbolsa, the largest stockbroker of Colombia, also negatively affected Premium Capital Appreciation Fund in Colombia, the unlisted investment fund of Interbolsa at the Curaçao stock exchange DCSX.

CIFA regrets this development and wants to reemphasize that Curacao is a modern and transparent jurisdiction. The Curaçao financial institutions, trust companies and fund administrators are strictly supervised and comply to internationally accepted laws and regulations.

The Curaçao jurisdiction is both OECD (C)FATF compliant. "The times that Curacao could be classified as a tax haven are far behind us," said CIFA chairman Etienne Ys.

Regarding the launch of the TIEA negotiations with Colombia, CIFA wants to indicate that this is a logical continuation of talks between Curaçao and Colombia to strengthen trade relations between the two countries.

Image: CIFA chairman Ettiene Ys

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