Protest scheduled outside Ugland House

A group of foreign demonstrators are expected to be protesting outside Ugland House in downtown George Town Thursday afternoon.

According to a press release issued Thursday morning, a group of 50 Americans “traveling in the Caribbean with the US weekly magazine The Nation” will protest the US companies that use the “Cayman Islands as a tax haven so they can cheat the US people out of much-needed tax dollars”.

The action is being organized by the activist group CODEPINK and is – according to the group – the first-ever protest by US citizens held on the island nation.

“It is taking place at a time when US officials are engulfed in a tug-of-war over what budget cuts to make to avoid what they are calling the ‘fiscal cliff’,” said CODEPINK co-founder Jodie Evans. “The US deficit could be solved with the $150 billion a year that could be recovered from these offshore tax shelters.

“The American people, exposed to the issue of tax cheaters during Romney’s presidential bid, believe that corporations should pay their fair share,” said CODEPINK co-founder Medea Benjamin. “That’s why we are here, in the Cayman Islands, to demand that corporations bring the tax dollars home.”

The issue of foreign ‘tax havens’ – particularly the use of Ugland House in Grand Cayman as the registered address for foreign-based corporations – has been a favourite target of President Obama’s administration.

In response to the criticism law firm Maples and Calder has launched a dedicated website www.uglandhouse.ky explaining the nature of companies registered in the Cayman Islands. “Amongst other things, companies registered at Ugland House have been described as ‘shells’, owned by individuals to evade tax and take advantage of secrecy laws. This is not the case and mischaracterizes the true purpose of setting up Cayman companies,” the website notes.

Maples and Calder maintains that rather than tax avoidance, the main benefit for companies registered in Cayman is “tax neutrality”, as individuals and companies remain subject to taxation in their home country.

“Cayman Islands entities provide a tax neutral platform so that investors from multiple jurisdictions are not subject to additional layers of foreign taxation in addition to the investors’ home country tax,” according to the website.

Please check back for more on this story…

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10 COMMENTS

  1. Obama crowd of class warefare….what BS…it’s legal as far as I know we Americans can park our money anywhere we want and form companies anywhere in the world….but not so according to the Left Wing Socialist leader of the Free World….

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  2. Blame this problem on other countries, this Is the way it works in the US. No US citizens are forced to invest their money as they wish in the Caymans. Just too scared to face the wealthiest. Take the blame for once and do not pin down others in order to raise your status.

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  3. During their protest, we should joint them with signs promoting the tourism in the Cayman Islands. Our beautifull beaches, diving…. Etc. Free worldwide publicity paid by the protesters.

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  4. Okay, so to cut through red tape, and let me understand this.

    These people are going to protest the rich.

    The rich, who got rich, by creating jobs, which employed Americans. Those American workers paid taxes. The person who owned the company and created the American jobs earned a salary, and paid his taxes out of his salary. Then the person who’s company that created the jobs, the company got taxed as well.

    Now that person wants to put the money he has left over, that mind you, has already been taxed at least 3 times. His salary, his employee’s salaries and the company’s profit. Away in a Cayman bank. So he can avoid further taxing. Or fleecing, how ever you look at it.

    And these people think that their government has a right to take even further monies that this person has? Wow…..talk about biting the hand that feeds you. What a society of ungrateful’s. A moralistically bankrupt society.

    The US government as far as I am concerned already got their tax money, and then some. They do not deserve more. And this person who worked hard for the money he has. Should not be penalized for having too much of it.

    It’s his money.

    If they want to protest something. Protest their own government. They need to look to Cayman to see how to run a government on limited means. I believe this government we have, is the best in the world. Yes…we have our problems. But we do a lot, with so little.

    When you think about it like that. I am proud of what we accomplish every day on our little island in the big blue sea.

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  5. Imagine if a bunch of Caymanians / Caribbean nationals entered the USA under false pretenses, convened, marched and protested outside the Federal Reserve Bank or Wall Street?! What do YOU think would happen? Would every single one of us not be sleeping in a U.S. jail cell tonight?! Sorry, on this basis alone I CANNOT support this on Cayman soil at the hands of FOREIGN NATIONALS!!

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