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International tax evasion by EU nationals amounts to US$50B per year

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.

Out in the Open

Cayman Finance supports government’s intention to introduce a public register of beneficial ownership, when such registers become the norm under international standards.

Cayman delegation returns from ‘engagement’ tour of Europe

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.

EDITORIAL – EU ‘blacklists’: Raise the Cayman flag, not the white flag

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 travels to United States and Europe to discuss new legislation

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.

Cayman government rejects blacklisting by Netherlands

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.

Rahn: When bureaucratic bullies are in charge

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.

EDITORIAL – European Union: ‘Googling for Dollars’

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.

EDITORIAL – ‘Brexit’ and ‘blacklist’: Cayman stuck between the UK and the EU?

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: ‘We cannot make unreasonable concessions’ to EU

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.

EDITORIAL – Standing up to the bullies in Brussels

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.

Data watchdog: Proposed EU beneficial ownership measures not proportionate

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 may find itself on EU’s ‘non-cooperative jurisdictions’ list

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.

Bloomberg: Europe’s Google News tax makes no sense at all

A “Digital Single Market,” like a single currency, is one of those grand European ideas that sounds better than it works.

EDITORIAL – Yet another Brussels blunder

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.

Rahn: Tax malpractice in the EU

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.

Bloomberg: Moving UK, EU ever closer to Brexit

Nobody said quitting the European Union would be easy.

Dixey: Brexit – ‘Keep Calm and Carry On’

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.

Krauthammer: Brexit – Sovereign Kingdom or little England?

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?

EDITORIAL – Vote ‘yes’ for Brexit … Now what?

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?

Morici: Britain’s economy after Brexit

This is no time to sell the United Kingdom short.

Post: The Brexit antidote is a strong NATO

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.

EDITORIAL – ‘Let’s vote on it …’ No, let’s not!

The Brexit decision should have been made by the U.K.’s elected representatives, not by individual voters in polling booths throughout the nation.

Brexit response not robust enough

The government must take this issue of the U.K.’s exit from the EU as a very serious matter ….

UPDATE: Cameron to resign after Britain votes to leave EU

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.

Mody: Drop the ‘Brexit’ panic talk

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.

Brexit

Hammond: Even if Cameron wins the Brexit vote, he loses

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...

Crook: How the EU pushed Britain to leave

Project Fear was a potentially fatal mistake. The positive case for a British future in Europe needed to be made as well.

Morici: UK should vote to leave EU

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.

EDITORIAL – Exit or Brexit, UK must leave

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.

EU digital strategy divides, doesn’t conquer

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.”

Will: The United Kingdom at the crossroads

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.

Premier, minister head to London as beneficial ownership deal unravels

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.

Bloomberg: UK can’t afford to quit EU

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.
Cayman Compass Profile Photo

Bershidsky: EU could live without UK

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.

Acting Information Commissioner: Data protection bill may fail EU test

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.

Coats: How much should a country work?

If an economy is not growing, is that necessarily a problem? The short answer is no.

Crook: Obama’s Brexit ‘hypocrisy’

Obama might at least pay the Brits the courtesy of understanding their distinctively American ideas about sovereignty.

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