Today’s Editorial July 14: Putting to bed rumours

Setting up a website to defend yourself isn’t the normal Caymanian way of doing things.

But when those with bigger budgets and louder voices keep pummelling you with negative disinformation, sometimes it’s time to throw down the gauntlet and say ‘enough is enough’

That’s essentially what law firm Maples and Calder has done with the development and launch of www.uglandhouse.ky

It’s a website dedicated to all things about Maples and Calder and the building it calls home – Ugland House, which is the registered office address for more than 18,000 Cayman companies and other business entities.

The Cayman Islands gets a lot of flak from those in government in the UK, US and other territories for being a tax haven.

Fact is, the Cayman Islands is not a tax haven; it is a place investors and advisors choose for tax neutrality, not tax evasion or avoidance.

That’s just one of the myths that are debunked on the Ugland House website.

We applaud Maples and Calder for coming up with this global solution to rebut those who would tarnish the good name of the Cayman Islands.

It’s done repeatedly by politicians in the United States who verbally pull us down to garner votes there and by those in the United Kingdom who are jealous of our station in the financial world because we are in direct competition with them.

The Cayman Islands has done and is doing much in an effort to get the country’s name off the Organisation for Economic Cooperation and Development’s grey list.

We already know we are in the sights of UK Prime Minister Gordon Brown, who along with French President Nicolas Sarkozy, has asked for an eight-month deadline for the imposition of sanctions on tax havens.

That has left Leader of Government Business McKeeva Bush scurrying about the world signing the required agreements to reach and ever-changing qualifiers to get off the grey list and back on to the white list.

It is hoped that the Ugland House website will help the Cayman Islands stop some of the ill will from major players like the UK and the US.

Now that Maples has launched this website, it would be refreshing for the US Government to insist that Division of Corporations of the State of Delaware follow suit and explain how it is allowed to register offshore companies in the same manner as the Cayman Islands and it isn’t grey listed or accused of being a tax haven.

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