Category: Cayman Islands Bank

Cayman’s offshore banking sector shrinking

A major sector of the banking industry in the Caymans could be wiped out by tough regulations designed to fight money-laundering. The number of Class B banks registered with the islands’ regulator has fallen by 14 to 184 over the last year alone. Class B banks generally offer depository services… – Continue reading

Spotlight on tax havens reveals inequality link

With a slim new book that has the feel of Piketty’s bestselling Capital in the 21st Century, Zucman, a 28-year-old University of California-Berkeley economist, is taking his own swing at global capitalism. His target: tax havens that he says hide $7.6-trillion — about 8% of the world’s net financial wealth…. – Continue reading

The critical importance of the Cayman Islands to the U.S. economy

In May of 2012, and soon before Facebook’s IPO, Eduardo Saverin renounced his U.S. citizenship. Saverin was a co-founder of the social-networking site, and the consensus was that he gave up his citizenship to avoid U.S. taxes that would be levied after the offering. Saverin was widely denounced for his… – Continue reading

Government Issues Beneficial Ownership Report

The Cayman Islands Government today issued a report stating that it will continue its current method of providing beneficial ownership information to law enforcement, tax and regulatory authorities, as the method adheres to global standards. As explained in its Consultation Report on Maintenance of Legal and Beneficial Ownership Information, Government’s… – Continue reading

Five former politicians deny offshore claims

Names of former politicians investigated for alleged tax evasion read into Dáil record Five former politicians named in the Dáil by Sinn Féin TD Mary Lou McDonald as having been in a dossier of alleged offshore account holders have rejected the claims. Former European commissioner Máire Geoghegan-Quinn, former Progressive Democrat… – Continue reading