Tax information exchange agreement to improve relations with Spain?

UK broadsheet newspaper The Telegraph has picked up on the poor relations between the Isle of Man and Spain after it was revealed in Tynwald that the Island is enshrined as a Tax Haven in Spanish law.

We've been on Spain's blacklist of high-risk jurisdictions since the early 90s, despite the reputation the Island has garnered as a leading light in stamping out tax evasion.

Last month the Island had this status confirmed when it was put in the list of only 8 jurisdictions meeting the required standards at the G20 summit.

It's now hoped the signing of a Tax Information Exchange Agreement will rectify the situation, and also bring an end to the intrusive and zealous demands placed on customers of the Island branch of Spanish bank, Santander.

They are now waiting on the approval from the Foreign ministry before the TIEA can be signed.