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A new study by the European Commission estimates European Union member states lost US$50.7 billion (46 billion euros), about 0.3% of GDP, in tax revenue in 2016 to international tax evasion by individuals.
Cayman Finance supports government’s intention to introduce a public register of beneficial ownership, when such registers become the norm under international standards.
A Cayman government delegation finished a series of more than a dozen meetings in Belgium, France and Germany last week before heading to New York to attend the Cayman Finance Breakfast Seminar.
We would challenge the Netherlands, or any of the countries named above, to subject themselves to the same level of intense scrutiny levied upon Cayman. They will never do it, which is prima facie evidence of the hypocrisy afoot in their pious proclamations.
Premier Alden McLaughlin left the Cayman Islands on Wednesday to attend meetings in London, Brussels, Paris, Berlin and New York to continue discussions about recently approved economic substance legislation and Cayman’s efforts to meet international standards for the financial services industry.
The Cayman Islands government has issued a statement saying it “regrets” that the Netherlands had chosen to break from other EU member states by establishing its own “blacklist” of 21 jurisdictions, including the Cayman Islands.
The problem is many of the EU countries have excessively high and prosperity-destroying tax-systems, and hate the competition from countries that provide high levels of government service with far lower tax rates and more efficient systems.
Using a heavy hand and curiously distorted notions of what a free marketplace should look like, EU regulators are endangering a symbiotic system that enhances competition and magnifies consumer choice.
The “real victims” of divorce are often the children. We hope that doesn’t hold true for “colonial children,” including the Cayman Islands, in the context of England’s protracted separation from the European Union, known commonly as “Brexit.”
Premier Alden McLaughlin confided he had experienced “sleepless nights” in preparing for his Legislative Assembly speech Wednesday in which he indicated Cayman’s leadership was at wit’s end trying to comply with all directives, tax exchange agreements and information-sharing requirements promulgated by the EU and Britain.
Make no mistake about it. The EU and its regulatory henchmen (read “OECD”) are not trying to export their failed economic policies. They are trying to export their failed left-leaning social policies.
The European Data Protection Supervisor has concluded that proposed amendments to the EU Anti-Money Laundering Directive and efforts to widely share beneficial ownership data are not proportionate in their current form.
Cayman could find itself on a new EU list of “non-cooperative jurisdictions” in tax matters after the European Council of finance ministers published the criteria for including third countries in the blacklist last week. In September, the EU Commission named Cayman in a list of countries that should be examined more closely.
A “Digital Single Market,” like a single currency, is one of those grand European ideas that sounds better than it works.
From one financial services-dependent jurisdiction to another, we in the Cayman Islands can certainly commiserate with the frustration that people in Ireland may feel at the latest economic assault from Brussels.
Over the long run, abolishing or at least drastically lowering the corporate income tax rate is more likely to increase government revenue – because of higher growth and better allocation of resources.
Nobody said quitting the European Union would be easy.
It was not supposed to be this way. The script was for “Remain” to win with a narrow majority; the high “Leave” vote merely giving the European Union a bloody nose.
Brexit was an assertion of national sovereignty and an attempt, in one fell swoop, to recover it. There is much to admire in that impulse. But at what cost?
The people of the United Kingdom voted “Yes” to leave the European Union. But the more pressing question remains unanswered: Who will lead the U.K. out of the EU?
This is no time to sell the United Kingdom short.
How much further the “special relationship” between the United States and Britain will be devalued will depend on what now looks like a very unpredictable course of events in London.
The Brexit decision should have been made by the U.K.’s elected representatives, not by individual voters in polling booths throughout the nation.
The government must take this issue of the U.K.’s exit from the EU as a very serious matter ….
British voters have defied the will of their leaders, foreign allies, experts and much of the political establishment by opting to rupture this country's primary connection to Europe in a stunning result that will radiate vast economic, political and security uncertainty across the globe.
The doomsday narrative of British Prime Minister David Cameron, the Bank of England and their official friends around the world is setting a course for a self-fulfilling financial panic.
Andrew Hammond Nobody doubts that a vote to leave the EU on June 23 could bring enormous change in Britain’s relationship with Europe and its...
Project Fear was a potentially fatal mistake. The positive case for a British future in Europe needed to be made as well.
The EU suffers from chronic slow growth thanks to a smothering bureaucracy and single currency that fits the needs of the continental economy like stilettos on a ballerina.
We here in the Cayman Islands aren’t being given a say in whether the U.K. remains with or leaves the EU. We’ll offer our advice anyway: Get out. Get out now.
Perhaps the biggest reason Europe has not produced digital economy giants like Google, Amazon, Facebook or Netflix is that there’s no such thing as “Europe.”
Sixty-five years ago, what has become the European Union was an embryo conceived in fear. It has been stealthily advanced from an economic to a political project, and it remains enveloped in a watery utopianism even as it becomes more dystopian.
The United Kingdom is seeking an agreement with other leading economic powers in western Europe – and elsewhere – that will lead to the automatic exchange of data on company and trust ownership information.
If it votes to leave the European Union in next month’s referendum, Britain will bear a substantial and lasting economic cost: That’s the conclusion of several authoritative new studies.
There are two sides to any divorce, and the relatively passive partner – in this case the EU – must also consider the impact of losing Britain.
The man who is to be largely responsible for the implementation of Cayman’s data protection legislation, if and when it is approved by lawmakers, has warned that the bill may not pass muster with the European Union if government moves to a combined “ombudsman” office, as is currently planned.
If an economy is not growing, is that necessarily a problem? The short answer is no.
Obama might at least pay the Brits the courtesy of understanding their distinctively American ideas about sovereignty.