The Isle of Man has recently completed its 22nd double taxation agreement, this time with Bahrain with whom the Island has also made a memorandum of understanding on economic trade and technical cooperation.

The signing ceremony took place on 3 February 2011 in Bahrain, prior to the present difficulties arising in that country. Treasury Minister for the Isle of Man Anne Craine stated "I was delighted to be invited to Bahrain for the signing of these 2 important agreements. Bahrain is a key financial hub in the Middle East, and today's agreements will greatly facilitate the development of business and investment opportunities between Bahrain and the Isle of Man".

The double taxation agreement addresses taxation issues arising as to the flow of business and movement of people between the Isle of Man and Bahrain and closely follows the model text published by the OECD. The memorandum of understanding is a declaration of the 2 governments' intention to work together to facilitate development of bilateral economic activity.

The Isle of Man has now completed 22 double taxation agreements which meet the OECD international tax standard on transparency and effective exchange of information.

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