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Island Accounts

October 31, 2017 - Cayman still labeled as ‘notorious tax haven’
Offshore Shell Games 2017, a report by the US PIRG and the Institute on Taxation and Economic Policy, outlined the extent to which Fortune 500 companies are using offshore financial centres and as a result legitimately avoiding taxes in the US on trillions of dollars of profit.

October 19, 2017 - For $12,500 a month, Cayman gets voice in US tax debate
“Cayman hopes that in the debate over U.S. tax reform in Congress, this point is acknowledged without unnecessary criticism of Cayman, and legitimate international business transactions undertaken there, by U.S. persons and others,” the letter states.

August 15, 2017 - 50 years ago: Cayman touted as offshore base for companies
In the Aug. 16, 1967 edition of the Caymanian Weekly, a precursor of the Cayman Compass, the following front page article, titled “Walker co-authors first technical paper on Cayman,” appeared:

July 19, 2017 - Mission Hills woman sentenced to prison for lying to feds about Cayman Island businesses
A prominent Mission Hills businesswoman was sentenced Monday to one year and six months in prison for lying to government lawyers during a civil tax investigation.

June 27, 2017 - The British Virgin Islands is trying to prove it's not a tax haven — campaigners aren't buying it
"The 'not a tax haven' line is basically only one you ever hear from tax havens," Alex Cobham from the Tax Justice Network told Business Insider. "It doesn't look like good PR to me."

January 19, 2017 - Tax reporting under CRS to commence in 2017
more than 100 jurisdictions have committed to CRS, including the Cayman Islands. Financial institutions will need to report all information required under CRS to the Department for International Tax Cooperation (DITC) via the Cayman AEOI Portal. The first notification due date for CRS that fund managers need to be aware of is 30th April 2017. The first reporting due date is 31 May 2017, with annual CRS filings required thereafter.

Janaury 19, 2017 - Cayman Islands compliance and transparency
The Cayman Islands has signed a TIEA with some 36 countries (of which 29 are currently in force) which provide for the exchange of information on a request relating to a specific criminal or civil tax investigation or civil tax matters under investigation. The Cayman Islands also has an intergovernmental agreement with each of the US and the UK (as detailed below).

January 5, 2017 - German draft bill targets offshore tax avoidance
German Finance Minister Wolfgang Schäuble said in a press statement, “Germany is a leader in the fight against tax evasion, tax avoidance and tax structuring. We do not tolerate tax fraud through shell companies in tax havens.”

November 17, 2016 - Cayman Finance CEO discusses tax neutrality on BBC World
Mr Scott further noted that Cayman follows global international standards, and as such, “…with the Panama papers, there was not really much impact on the Cayman Islands,” He pointed out that in actuality, the Cayman Islands, “…have seen a lot of positive outcome from it.”

November 10, 2016 - Billions could drain from Cayman entities as Trump is elected
Donald Trump’s tax plan would end the deferral of taxes on corporate income earned abroad and charge a one-time, 10 percent tax on cash held overseas so it can be repatriated. The goal is to halt the practice of U.S. multinationals holding hundreds of billions of dollars in offshore accounts, many of them in the Cayman Islands, to reduce their U.S. tax liability.

October 24, 2016 - Cayman maintains top spot for offshore deals amid general slowdown
Cayman was responsible for 102 of the 115 announced IPOs involving offshore firms, with most Cayman companies listing on the Hong Kong stock exchange.

September 22, 2016 - After Panama Papers, names of Indians figure in Bahamas Leaks
the information listed in the new Bahamian documents has only bare essentials, such as the names of the companies, date of creation, directors and the physical and mailing addresses.

August 26, 2016 - Swiss court clears former Cayman banker of breaking bank secrecy laws
a Swiss court in Zurich rejected prosecution demands to convict the 60-year-old for violating Swiss banking secrecy laws. The upper court also refused to ban Mr. Elmer from taking up employment in the banking industry. He currently works as an asset manager.

August 24, 2016 - Swiss court clears former Cayman banker of breaking bank secrecy laws
a Swiss court in Zurich rejected prosecution demands to convict the 60-year-old for violating Swiss banking secrecy laws. The upper court also refused to ban Mr. Elmer from taking up employment in the banking industry. He currently works as an asset manager.

August 19, 2016 - Cayman Islands-registered firms top 100,000 mark for first time
Cayman-registered companies were poised to break the 100,000 mark for the past two years. In 2014, the number of registered companies fell just short at 99,459. Last year, this figure declined slightly despite a 7.8 percent increase in new registrations, as company terminations were 64 percent higher in 2015 than in the previous year.

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