Topic: Offshore
Privy Council ruling has major implications for Cayman’s trusts
A 19 March ruling from the Judicial Committee of the Privy Council has reset the balance of power between trustees and protectors.
European banks report $24 billion in offshore profits
Europe’s largest banks are booking 14% of their profits, about US$24 billion, in low-tax centres every year, according to a report by EU Tax Observatory.
Survey: Reasons for establishing offshore entities are changing
Asset protection and facilitating foreign direct investments are now the main reasons for establishing entities offshore.
Harneys wins Hedgeweek, China Business Journal accolades
For the third consecutive year, Harneys has been named Best Offshore Law Firm by Hedgeweek, at an awards ceremony held in London on Feb. 14.
New Cayman and BVI corporate partner for Carey Olsen’s London office
Offshore law firm Carey Olsen has appointed Jasmine Amaria as a Cayman Islands and British Virgin Islands corporate partner in its London office.
Vistra: Cayman has strong 2018 amidst offshore decline
While financial services business continued to move from offshore jurisdictions to “mid-shore” centers such as Singapore and Hong Kong during 2018, the Cayman Islands and British Virgin Islands managed to buck that trend, according to an industry survey released by corporate service provider Vistra.
Mixed reactions to impact of economic substance legislation
Legislative changes proposed by the government in response to EU demands and other regulatory pressures will bring what appear to be significant changes for offshore companies that are tax resident in Cayman.
Appleby launches technology guide
Appleby’s Global Technology and Innovation Group has launched its 2019 Technology and Innovation Offshore Guide which covers eight of the world’s largest offshore jurisdictions to provide clients with a single resource to help them identify the most suitable jurisdiction and structure for their technology projects.
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.
Offshore company formations reach new high
The number of Cayman-registered companies hit an all-time high last month, with 106,291 companies active on the registry as of Sept. 30.
Global Restructuring Review launches offshore conference in Cayman
Global Restructuring Review, an international daily news source for cross-border insolvency, restructuring and legal matters, is hosting its first offshore conference in the Cayman Islands on June 12.
International press has little sympathy for ‘dirty money’ ‘tax havens’
The international press dedicated a huge amount of column inches this week to the decision by the U.K. parliament to force its overseas territories to make public the owners of companies registered in their jurisdiction, if necessary through an order in council.
Report: Cayman still top center for offshore business deals
The Cayman Islands remained the main jurisdiction for offshore mergers and acquisitions in 2017.
UK Treasury Select Committee announces new offshore tax inquiry
The House of Commons Treasury Select Committee has announced several tax inquiries to assess the progress made by Her Majesty’s Revenue and Customs in tackling offshore tax evasion and in discouraging the use of tax avoidance schemes.
Financial services industry: Cayman’s ‘invisible’ giant
In 1960, the Cayman Islands could not have been further removed from its status today as a small but prominent global financial center. At the time, the Cayman economy still largely relied on seamen’s remittances, fishing, agriculture, shipbuilding and hand crafts. Airline services were limited and the tourism sector in its infancy.
Report: Cayman a destination for Fortune 500 subsidiaries
A new study published last week provides a glimpse of the presence some of the largest U.S. corporations have in the Cayman Islands and other offshore financial jurisdictions.
Trust conference: Attacks on offshore have gone too far
Misconceptions about what offshore financial centers really do have led to radicalized actions even by those who have reasonable policy objectives in terms of fighting financial crime and tax evasion, panelists at the Mourant Ozannes Private Client and Trust Conference argued last week.
EDITORIAL – The crucial role of offshore centers in the global economy
Industry representatives in the British Virgin Islands are shouting it from the rooftops: BVI’s financial services sector is a boon to the global economy.
Offshore jurisdictions asked to embrace transparency
In a world of data breaches and political unrest, the concept of confidentiality faces a certain death, warned British Virgin Islands lawyer Tim Prudhoe on Tuesday.
German draft bill targets offshore tax avoidance
The German government has initiated draft legislation to prevent the use of “letter box companies in tax havens” to avoid tax. The draft bill was prompted by the Panama Papers revelations last year and approved by Cabinet on Dec. 21.
Billions could drain from Cayman entities as Trump is elected
Billions of dollars held by U.S. multinationals in Cayman entities could be repatriated to the United States, if president-elect Donald Trump’s tax plans come to fruition. During the election campaign, most of Mr. Trump’s policy plans were a black box.
Cayman maintains top spot for offshore deals amid general slowdown
Cayman-Islands registered companies remained the number one target of offshore mergers and acquisitions during the first half of this year, but offshore deals overall slowed, law firm Appleby reported in its latest Offshore-i report. Cayman accounted for a third of all transactions and 40 percent of the total value of the offshore merger and acquisition activity.
Cayman rises 13 spots in Global Financial Centre Index
The Cayman Islands has risen 13 spots in the latest Global Financial Centres Index, released this month. Cayman ranks 28th, ahead of Bermuda and the British Virgin Islands in 35th and 36th position, respectively.
Cayman Islands bucks trend in offshore insolvency petitions
The Cayman Islands recorded an increase in insolvency petitions in 2015, contrasting with a general decline in the majority of offshore jurisdictions.
Offshore: Perception and IFCs – How have they fared?
IFCs should use objective measures of their perception to better tackle the reputational challenge.
