The TIEA was signed by Argentina’s Federal Administrator Ricardo Echegaray and Isle of Man treasury minister Eddie Teare in London on 14 December 2012.

The new agreement takes the total number of agreements signed by Isle of Man, meeting the OECD standards to 33, comprising 27 TIEAs and six double taxation agreements.

Commenting on the move, Teare said: "Argentina is a G20 country and a member of the OECD global forum on transparency and exchange of information for tax purposes, so this is a significant addition to the Isle of Man’s network of international tax agreements."

"This agreement is the first between the Isle of Man and a South American country and its addition to our expanding network of agreements demonstrates the Isle of Man’s commitment to international standards of tax transparency and effective exchange of information," he added.