Professional services firm Alvarez & Marsal has opened an office in the Cayman Islands. The firm will provide a full service offering for alternative investment restructuring for corporations, institutional investors, hedge funds and private equity firms.
Premier Alden McLaughlin has criticized the U.K. Foreign and Commonwealth Office (FCO) as being “disingenuous” in regard to the Cayman Islands’ cooperation with British law enforcement, in a statement issued Monday afternoon.
“We are using antivirus protection,” “Our IT department is taking care of it,” “We have lots of internet security tools” and “We are not connected to the internet or the internet of Things” and therefore “we are secure” are some of the perceptions that were shattered at this year’s Armour Expo conference.
Minister of Finance Roy McTaggart said the latest government credit rating of the Cayman Islands reflected “confidence in our country’s economic, fiscal and institutional strengths,” when he presented the assessment by rating agency Moody’s in the Legislative Assembly last week.
The governments of Jersey, Guernsey and the Isle of Man are asking businesses for their views on proposed new legislation that will require certain tax-resident companies to demonstrate they have sufficient substance.
Returning from a trip abroad and clearing customs has not only become quicker after the scrapping of customs forms for passengers who have nothing to declare; it will also become cheaper following an increase of the personal duty allowance from $350 to $500 per person.
Hedge funds returned on average 0.43 percent during the first seven months of 2018, the worst performance since 2008 when hedge fund returns declined 0.23 percent during the same time period, according to data provider Eurekahedge.
When late last year, Cayman avoided being placed on an EU tax blacklist by committing to remedy, before the end of 2018, what the EU called a lack of economic substance of Cayman-based entities, few knew what exactly the Cayman Islands government had promised to do.
The SEC has charged Cayman-based broker Oliver-Barret Lindsay together with a stock promoter and three others involved in a series of alleged penny stock fraud schemes that unraveled as a result of an FBI undercover operation and an SEC trading suspension.
The Cayman Islands is facing somewhat of a dilemma. Although its regulatory regime is not tailored to cryptocurrencies, token offerings or distributed ledger technology, Cayman became home to the world’s largest initial coin offering this year.