At the end of October the Andorran Government approved an amendment to the Andorran Automatic Exchange of Information Act that entered into force at the start of this year.
Currently Andorra exchanges tax information with EU Member States, G20 Member States, except Turkey, as well as some OECD States and Global Forum members. The amendment extends the reach of the exchange of information to cover Brazil, Canada, Chile, China, India, Indonesia, Israel, Japan, Russia and Saudi Arabia plus Member States of the Global Forum of Tax Transparency including Columbia, Costa Rica, Kuwait, Malaysia and Uruguay.
It is intended that automatic exchange of information will also take place with most of the leading offshore financial centers including the British Virgin Islands, Cayman Islands, Seychelles and Mauritius, see below for the full list.
Andorra initially gave priority to the exchange of information with the EU as its near neighbour and since then the process has been extended to other States that have requested an exchange of information with Andorra.
By 2019 with the inclusion of these additional jurisdictions Andorra will exchange information with 73 countries.
The Speaker of the Andorran parliament and the Government Finance Minister, Mr Jordi Cinca, is reported as stating that extension to the network of exchange agreements has been made progressively and is based on mutual cooperation. Furthermore, though agreements are in place to exchange with all the listed states by 2019, there will not be reciprocal exchange unless the receiving state has implemented the OECD legislation to guarantee the security of the data provided by Andorra.
*Bermuda, British Virgin Islands, Cayman Islands, Jersey, Guernsey, Grenada, Grenadines, Isle of Man, Mauritius, Monserrat, Seychelles, Turks and Caicos, Antigua and Barbuda, Cook Islands, Curacao and Saint Vincent
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