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:

“What is perhaps the Cayman Islands’ first serious technical paper is to appear in the publication Prentice-hall Tax Ideas, which is published twice per month in Englewood Cliffs, New Jersey, USA.

“The article titled ‘The Cayman Islands – A New Base for Foreign Companies and Trusts” has been prepared by Mr. W.S. Walker, barrister-at-law who practises in Grand Cayman and Mr. Marshall J. Langer, a Florida attorney who has done a great deal of work in the Bahamas and elsewhere in the Caribbean and is one of the leading tax lawyers in the U.S.

“The publication is a Tax Service which goes to lawyers, accountants, bankers, trust companies, insurance companies, investment consultants, real estate brokers, etc., and has 10,000 subscribers who pay $100 per year for this service. It circulates principally through the U.S. and Canada.

The article about the Cayman Islands is scheduled to be published on the 1st September and will be reprinted in booklet form, some copies of which will be available locally.

“Mr. Langer told The Caymanian that the object of the paper is to explain to American businessmen and their tax advisors the advantages of forming companies and establishing trusts and of investing in the Cayman Islands. This extensive survey includes general information about the islands; Reasons for increased activity, e.g., virtually no taxes, exchange control is very liberal, improved transportation and communication facilities, and statutory incentives to encourage development; Information on how a company can be organised here; A discussion on the status of exempted companies; Tax problems of a U.S. citizen, resident or company who would like to come to the Cayman Islands; and the benefits of establishing either an ordinary or an exempted Caymanian Trust.

“Mr. Marshall Langer first came to Cayman two months ago when he began gathering source material and met with Mr. Walker through a mutual client. Whilst here from the 2nd to 7th August, he was able to get several companies formed and he expects to make another trip toward the end of this month.

“Such publicity as this article would give to the islands, should prove of benefit to us as well as to taxpayers and investors from abroad.”

In the same issue, a short article titled “Traffic Lights. What Next???” also appeared on the front page. It read:

“Believe it or not, Cayman is about to have its first set of traffic lights very soon. These arrived on the island last week and are of the type suspended from above. They will shortly be seen in action at the crossroads outside the Post Office in the centre of George Town.”

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