The accord reinforces Cayman’s commitment to strengthening global tax co-operation, and is also intended to boost the island’s reputation with Mexican investors, said Cayman Finance.

Cayman has TIEAs in place with Australia, Canada, Germany, France, the UK and the US, among others, and has been vocal in rejecting the tag of “tax haven” placed on it by some – including the US group "Business and Investors against Tax Haven Abuse” .