The Isle of Man has signed a tax information exchange agreement with Botswana, making it the twenty-eighth TIEA the island has signed as it continues its programme of developing closer taxation co-operation with other countries.

The agreement was signed by Botswana’s high commissioner to the UK, Roy Blackbeard, and the Isle of Man's treasury minister Eddie Teare in London on 14 June.

“The signing of this agreement is an important step in building closer relations between Botswana and the Isle of Man. This agreement is the first TIEA between the Isle of Man and a Southern African Development Community country," said Teare.

Teare added that the Isle of Man is currently negotiating TIEAs with six other SADC countries.

Despite offshore financial centres facing increased scrutiny and criticism in recent years, they still remain a firm choice for the UK wealthy population, with one in four high net worth individuals making use of at least one offshore centre, according to a recent report by Ledbury Research. For more on this story, click here.