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PACT delays opening overseas offices

The PACT government is postponing plans that were put in place by the previous Progressives administration to open new overseas offices in the US, Europe and Asia and will retrain the staff newly hired for those offices to take on different roles.

EU threatens tougher vaccine export curbs in dispute with UK, U.S.

The European Union on Wednesday threatened to take tougher measures to curb the export of COVID-19 vaccines, escalating an ongoing row with Britain and the United States over their restrictive handling of vaccine deliveries to the 27-nation bloc.

EU tells Johnson to decide as time runs out for Brexit deal

British and European Union negotiators made a last-ditch effort on Monday to bridge stubborn differences standing in the way of a post-Brexit trade deal.

EU pushes UK to budge at ‘critical stage’ in Brexit talks

The EU on Tuesday demanded "substantive" movement from Britain on fisheries, dispute settlement and guarantees of fair competition in their post-Brexit trade talks, which Germany said were at a "critical stage".

EU and Britain far apart as key week of Brexit talks begins

The European Union and Britain both said a post-Brexit deal was still some way off and differences persisted on Monday over putting in place their earlier divorce deal as they began a decisive week of talks in Brussels.

Wealthy Britons step up citizenship shopping to thwart Brexit

The number of British entrepreneurs looking to "buy" citizenship from countries offering visa-free access to the European Union has risen sharply, investment migration firms say, as prospects of a post-Brexit trade deal between Britain and the bloc darken.

Premier: EU blacklist remains concern

Premier Alden McLaughlin has said the European Union’s blacklisting of the Cayman Islands remains “a source of major worry and concern” especially with the economy now heavily reliant on the Financial Services industry.

Opposition: Cayman needs to fight blacklist

Opposition lawmakers expressed concern over reports that European Union ambassadors have recommended the Cayman Islands be blacklisted as a non-cooperative tax jurisdiction.

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 commits to public beneficial ownership register

The Cayman Islands will make the true owners of companies incorporated in the islands public as soon as European Union countries establish their own public registers. Corresponding legislation is expected to be introduced in 2022.

Boris Johnson wins race to become UK’s next prime minister

Brexit hard-liner Boris Johnson, one of Britain’s most famous and divisive politicians, won the race to lead the governing Conservative Party on Tuesday, and will become the next prime minister on Wednesday.

EU removes Dominica from tax blacklist

The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters.

Bermuda taken off EU tax blacklist

The European Union on Friday removed Bermuda, Aruba and Barbados from its list of uncooperative jurisdictions in tax matters.

Jessop: Repositioning the Caribbean’s relationship with Europe

In just under a week’s time voters from across the whole of the European Union will go to the polls to elect a new European Parliament.

Tharoor: EU’s ethnonationalist surge

Like President Trump and ultranationalists elsewhere, Salvini promises to put ‘Italians first’. And he marshals local resentment towards the policies of the European Union, railing against its cosmopolitan bureaucrats and what he calls rapacious bankers.

Bermuda to be removed from EU blacklist

European Union finance ministers are set to remove Bermuda, Barbados and the Dutch Caribbean island of Aruba from its tax blacklist on Friday, according to an unnamed EU official cited by Reuters and Bloomberg News.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Jessop: CARIFORUM-UK EPA offers new opportunities

A few days ago, the British government published the text of the CARIFORUM-UK Economic Partnership Agreement (UK EPA) that will govern trade in goods and services with the Caribbean, assuming Britain leaves the European Union sometime later this year.
An aerial view of the business area of downtown George Town, Grand Cayman

EDITORIAL – The true experts in global finance are here at home

Cayman’s exclusion from the latest European Union tax blacklist gives little cause for celebration, coming as it does with significant strings attached.

May Day: UK Parliament rejects prime minister’s Brexit deal

Britain’s Parliament delivered a crushing defeat to Prime Minister Theresa May’s European Union divorce deal Tuesday, plunging the Brexit process into chaos just 17 days before the U.K. is due to leave the bloc.
An aerial view of the business area of downtown George Town, Grand Cayman

Cayman avoids EU blacklist

The European Union has not added the Cayman Islands to an expanded EU tax blacklist, but the council of EU finance ministers said Cayman will have to amend its legislation by the end of this year.

EU countries reject commission’s blacklist

European Union governments are set to block the European Commission’s draft dirty money blacklist after all 28 EU member states objected to the way countries were selected for their alleged anti-money laundering deficiencies.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Government issues economic substance guidance

Government has published a guidance booklet to help companies comply with the territory’s economic substance legislation, which was passed by legislators last year in an attempt to avoid European Union tax blacklisting.

UK lawmakers vote for Brexit changes

The European Union says that the current agreement with the U.K. remains the “best and only way” to ensure an orderly Brexit, after British Prime Minister Theresa May vowed to try to overhaul the deal.

UK Parliament overwhelmingly rejects May’s Brexit deal

British lawmakers on Tuesday overwhelmingly rejected Prime Minister Theresa May’s divorce deal with the European Union, plunging the Brexit process into chaos.

Cayman delegation meets with EU finance officials

Cayman politicians are meeting with officials in Brussels this week regarding Cayman’s future status in terms of how its tax laws are seen by the European Union.

EU and UK pile pressure on financial services industry

The year 2018 came to a close just like the previous year ended: with Cayman attempting to stave off a blacklisting by the European Union.
An aerial view of the business area of downtown George Town, Grand Cayman

Letter: Dutch blacklist and Cayman’s policy of EU ‘appeasement’

The difficulty of attempting to deal with the EU and the OECD in relation to their ridiculously entitled ”harmful” tax practices initiative, whether through the introduction of economic substance legislation or howsoever, is well illustrated today by that paragon of tax avoidance techniques The Netherlands which, when I last looked, was a member of the EU, now introducing its independent “black list” including the Cayman Islands.

EDITORIAL – Unwrapping government’s ‘Christmas gifts’

On a per-minute basis, this week’s sitting of the Legislative Assembly could be the most impactful gathering of lawmakers in Cayman Islands history. For better or worse.

Legislators approve new economic substance rules

Government pushed through new economic substance rules and other bills during a marathon Legislative Assembly session on Monday in a bid to avoid a European Union tax blacklisting.

EDITORIAL – 11th-hour scramble to push through ‘blacklist bills’

We draw no comfort from the ministry’s claims that the bills have been subjected to in-depth consultation with Cayman’s financial services industry, local regulators, the EU and OECD. Assuming those discussions took place, they took place behind closed doors – out of sight, and earshot, from either Cayman’s public or stakeholders who were not selected by the government for consultation.

May survives vote of no confidence

British Prime Minister Theresa May survived a brush with political mortality Wednesday, winning a no-confidence vote by Conservative lawmakers that would have ended her leadership of party and country.

Legislative Assembly to debate economic substance bills on Monday

The Legislative Assembly is set to reconvene on Monday to pass three separate bills caused by the threat of a European Union tax blacklisting and global regulatory pressure.

Eric Bush to leave Cayman’s London office

Eric Bush, the Cayman Islands government representative in London, plans to leave the foreign post and return home this summer.
An aerial view of the business area of downtown George Town, Grand Cayman

Government proposes substance tests for offshore businesses

Government has released draft legislation that will have far-reaching consequences for parts of the offshore finance industry in the Cayman Islands.

London talks end on financial services, disaster management

Beneficial ownership, tax transparency and disaster management dominated the second and last day of the Joint Ministerial Council meeting between overseas territories officials and the U.K. government in London.

EU seals Brexit deal; May faces hard sell at home

After months of hesitation, stop-and-start negotiations and resignations, Britain and the European Union on Sunday finally sealed an agreement governing the U.K.’s departure from the bloc next year.

Golden visa programs the latest target of regulators

Citizenship by investment and residency by investment schemes are the latest targets of regulators and advocacy groups, as three reports by Transparency International, the OECD and the Green Party in the European Parliament all highlighted abuses of the programs in both Europe and the Caribbean.

Britain, EU decide to take additional time to get Brexit right

Leaders from the European Union and Britain shrugged off a weekend negotiating debacle and previous deadlines Wednesday, giving themselves several more weeks to clinch a friendly divorce deal ahead of their separation.

EDITORIAL – Needed: A report from our woman in Brussels

The reality is that international investing and commerce, which constitute the vast majority of what takes place in the financial sector in these islands, do not require a huge physical presence.

Minister Rivers to meet EU officials on tax blacklist

Minister of Financial Services Tara Rivers will meet EU officials in Brussels this week to continue government’s discussions about the EU’s list of non-cooperative tax jurisdictions.

EDITORIAL – Replacing secrecy with transparency in government policy

Silence may be safe, it may be convenient, but it is not an acceptable strategy in a free and democratic society.

EU fine

Today's editorial cartoon

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.

EU threatens US tax blacklisting

The EU has drawn up a list based on tax information exchange and fair tax criteria that non-EU countries have to meet to avoid potential punitive measures.

Italian turmoil batters stocks; Dow plunges

Stocks in the U.S. and Europe are sinking Tuesday following political turmoil in Italy, which stoked fears of instability in the euro bloc.

Rivers to discuss ‘gray list’ in Brussels

Minister for Financial Services Tara Rivers will travel to Brussels to discuss Cayman’s tax system with EU officials after Cayman last year narrowly avoided being included on a blacklist of countries deemed uncooperative in tax matters.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

European data protection law to affect Cayman businesses

The introduction of Cayman’s Data Protection Law will come in effect in January 2019, but local businesses and organizations need to be aware of a corresponding legislation coming out of Europe that is likely to impact them as early as this month.

EU removes 8 countries from blacklist

The Council of the European Union announced Tuesday that the EU has amended its blacklist of jurisdictions that it deems uncooperative in tax matters, removing eight jurisdictions from that list.

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.”

Cayman lecturer publishes public-private partnership research

Laura Panades, course leader at the Truman Bodden Law School in Cayman, has published a book chapter on public-private partnerships as a vehicle to improve social standards.

Cayman avoids EU tax blacklist, for now

The Cayman Islands was not included on a list of 17 countries that the European Union deemed uncooperative in tax matters. However, when the list was released on Dec. 5, Cayman found itself on a so-called graylist of 47 countries and jurisdictions that have made written commitments to meet the EU criteria applied to the process of singling out countries for their lack of tax transparency and “tax fairness.”

EDITORIAL – One EU ‘blacklist’ and 47 shades of gray

There’s good news, there’s bad news and then there’s … gray news. Developments out of Brussels this week fell in the last category, as the European Union placed the Cayman Islands on a so-called “graylist” — meaning our government has made certain commitments in writing to address EU criteria on tax transparency and “fairness."

McLaughlin and other leaders meet with May

Premier Alden McLaughlin took the opportunity during a meeting with British Prime Minister Theresa May at London’s 10 Downing Street to plead his case for keeping the Cayman Islands off a blacklist of countries engaged in questionable financial practices.

EDITORIAL – Memo to the EU: Love us or leave us alone

Cayman’s top officials are not passively awaiting European leaders’ upcoming vote on a proposed financial services “blacklist.” To the contrary, they appear to be fighting to the finish, armed with indisputable truths about Cayman’s economy and how it benefits global commerce.
An aerial view of the business area of downtown George Town, Grand Cayman

Cayman makes last attempt to avoid EU blacklist

A Cayman delegation left for London Friday with little more than a week left to appeal to U.K. and European officials against its potential inclusion on a financial services “blacklist” being promulgated by the European Union group of finance ministers [ECOFIN].

LETTER: Do not give in to to EU’s ‘naked ambition’

Premier Alden McLaughlin, Minister Roy McTaggart and Mr. Saunders deserve to be commended for standing up for Cayman’s financial services industry

EDITORIAL – Does the UK have the fortitude to fight the EU’s turpitude?

On Dec. 5, 2017 – just three weeks hence – our sovereign, the United Kingdom, will vote on whether to accede to the calumny of the European Union and blacklist in financial markets several of its own territories, most notably the Cayman Islands, Bermuda, the Channel Islands and the British Virgin Islands.

Thriving Cayman represents EU’s worst nightmare

There comes a point in every failed negotiation where the words used should indicate that there is no possibility whatsoever of reaching an agreement with the negotiating party. In the present case, this is because the negotiating party, here the European Union, has no intention whatsoever of doing so.

EU appeasement

Today's editorial cartoon
An aerial view of the business area of downtown George Town, Grand Cayman

European Union ‘blacklist’ decision due in December

The Cayman Islands is one of 92 jurisdictions that expect to learn by December if they will be placed on a European Union “blacklist” being drawn up as part of a tax avoidance crackdown.

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.

UK group of pro-Cayman politicians meets for first time since election

The group of parliamentarians and peers that promotes the interest of the Cayman Islands in Britain and internationally reconvened Tuesday night for the first time since the U.K. general election.

Cayman in Brexit talks with UK

Leaders from 10 British Overseas Territories, including Cayman, met with U.K. ministers in London on Wednesday to discuss Brexit negotiations. All attendees in Wednesday’s meeting were briefed on developments and preparations for talks with the EU.

EDITORIAL — The power of Cayman and Brexit: Who knew?

If someone wants to make Cayman a power broker in international negotiations, we will gladly step up to the role. In the meantime, do not begrudge us our country’s small but vital chance to make our voices heard.

Colliers reserve trail a window into East End’s wild interior

Colliers Wilderness Reserve is a National Trust for the Cayman Islands protected area in the district of East End. The European Union’s BEST program allowed for the establishment of the reserve.

EDITORIAL – Swiss voters say ‘Nein’ to tax bullies

Coming out of Switzerland is a developing story that’s not exactly “Man bites dog,” but certainly constitutes “Man bites back,” and is particularly instructive to the people of the Cayman Islands.

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.

Premier: UK must ‘moderate’ Brexit impact on territories

The U.K. government must do its best to back financial services industries in its overseas territories, both before and after Brexit talks with the European Union, Premier Alden McLaughlin said Tuesday.

Government: European Commissioner recognizes Cayman’s tax transparency regime

European Commissioner Pierre Moscovici at a meeting with Cayman Islands Financial Services Minister Wayne Panton in Brussels last week said he recognized the strength of Cayman’s tax transparency regime and its participation in the OECD’s base erosion and profit shifting inclusive framework, according to a press release from the Cayman Islands Government.

COSME introduces investment platform

Representatives from the European Union-funded COSME initiative will travel to the Cayman Islands next week to introduce local business owners and entrepreneurs to the ‘Carib Connect’ website.

Brexit to hit private equity investments in Europe harder

The U.K. vote to leave the European Union has caused widespread delays to fund launches across Europe, but the outlook for the private equity industry overall remains optimistic, according to research released by offshore law firm Mourant Ozannes.

UK court brings Brexit plans screeching to halt

LONDON (AP) — Britain's High Court brought government plans for leaving the European Union screeching to a halt Thursday, ruling that the prime minister can't trigger the U.K.'s exit from the bloc without parliamentary approval.

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