A law requiring the sharing of savings income information with the European Union was passed in the House on Thursday.
Financial Secretary Kenneth Jefferson said that the law related to individuals who were tax residents of European Union member states.
If an EU tax resident earned interest income on his savings and that income was paid by an agent in Cayman, the agent would disclose information to the Financial Secretary who would then pass it on to the relevant EU authority, Mr. Jefferson explained.
Mr. Jefferson added that it was not expected that a large number of individuals would be affected.
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