New Zealand and the Cook Islands signed a Tax Information Exchange Agreement (TIEA) on the 10th of July.

The new agreement which allows for New Zealand and the Cook Islands to exchange information held by banks and other financial institutions, and also information on who benefits in company ownership chains and on the settlors, trustees and beneficiaries of trusts.

This is the third such agreement for New Zealand, with Bermuda and Netherlands Antilles being the first two. The agreement was signed on the 10th of July, by New Zealand Prime Minister John Key in Avarua, Rarotonga. In regards to the TIEA, John Key said “We welcome the signing of this important agreement with the Cook Islands, with whom we have a close historical, economic and cultural relationship”.