Jersey and Bahrain strengthen business ties through new tax agreement

The treaty, signed in Bahrain this week by Minister for External Relations Deputy Ian Gorst, is the 16th Double Taxation Agreement (DTA) Jersey has signed and reflects the importance placed by the Island’s financial services firms on Bahrain and the wider Gulf region.

Under the terms of the agreement, Jersey individuals and companies in Bahrain will not suffer from punitive “double taxation”, whereby income can be taxed in both the country where the activities take place and in their country of tax residence.

During his visit, Deputy Gorst held meetings with senior Bahraini representatives, including the Minister of Foreign Affairs and the Minister of Finance and National Economy. He also met the UK Ambassador to Bahrain, His Excellency Alastair Long, to ensure Jersey’s objectives in Bahrain and the wider region continue to be well aligned.

Deputy Gorst said: “The signature of the Jersey-Bahrain DTA represents a win for Jersey and further reinforces the Island’s position as an excellent place to do business. Jersey’s global engagement must reap rewards for Islanders and, through this treaty and others like it, we are doing exactly that. From my meetings with Bahraini counterparts, it is clear that Jersey continues to be held in high regard, and it is important that we continue to use these relationships to our advantage.”

Joe Moynihan, CEO of Jersey Finance said: “The Double Taxation Agreement with Bahrain is another important addition to Jersey’s extensive treaty network. Bahrain is a valued partner in the Gulf, and this agreement will further enhance opportunities for cooperation and growth in financial services, reinforcing Jersey’s position as a trusted international finance centre.”

Pictured: Deputy Ian Gorst with His Excellency Sheikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy.