Category: Cayman Islands
Cayman Islands: Update On Automatic Exchange Of Information – New CRS Compliance Form
New form for all Reporting Financial Institutions ("RFIs") and Trustee Documented Trusts. ... - Continue reading
OECD assesses Cayman’s process to resolve double-taxation disputes
OECD examines Cayman Islands' implementation of BEPS Action 14. ... - Continue reading
Cayman Islands: Recovering Illicit Assets Offshore Might Become A Bit Easier
New legislations on assets disclosure are now paving a way towards more tax transparency. ... - Continue reading
Cayman Islands: New CRS Form Released And FATCA Deadline Extended
A new CRS compliance form has been issued by the Cayman Islands Tax Information Authority. ... - Continue reading
Cayman Islands: Cayman Islands Update: AEOI 2020 Amendments
Here are changes in tax laws concerning the Automatic Exchange of Information. ... - Continue reading
Cayman Islands: Update In Respect Of Automatic Exchange Of Information (“AEOI”)
Information on changes in laws concerning the Automatic Exchange of Information (AEOI). ... - Continue reading
Worldwide: Cayman Islands Added To EU Blacklist
On February 18, 2020, EU finance ministers updated the EU Blacklist, adding four jurisdictions—the Cayman Islands, Palau, Panama and Seychelles. ... - Continue reading
Cayman tops ranking of money hideouts
Cayman is now the top enabler of financial secrecy in the world, according to the findings from the Tax Justice Network’s Financial Secrecy Index 2020. In second and third place respectively, were the United States and Switzerland. The Tax Justice Network has called on policymakers to prioritise sanctions against Cayman… – Continue reading
Cayman remains on Dutch tax blacklist
Netherlands' new blacklist dated 30 December 2019 keeps the Cayman Islands. ... - Continue reading
Cayman’s tax regime is ‘under attack’ by OECD proposal
A proposal by the Organisation for Economic Cooperation and Development that effectively seeks to establish a global minimum rate of corporate taxation ignores that Cayman’s tax neutral status is not harmful and is a viable alternative for eliminating double taxation and tax conflicts, says Jude Scott, the chief executive of… – Continue reading
OECD’s minimum tax to apply by jurisdiction
The Organisation for Economic Co-operation and Development is going to propose a global minimum tax that would apply country by country before the next meeting of G‑20 finance ministers and central bankers set for 17 Oct. in Washington, DC. G7 leaders announced at their Biarritz summit meeting this week a… – Continue reading
Cayman Islands publishes FAQ’s on economic substance for tax purposes
The Cayman Islands has published a set of frequently asked questions detailing a law requiring that companies with geographically mobile activities have economic substance for tax purposes. ... - Continue reading
Tax laws of 12 low-tax countries including BVI, Bermuda, Cayman don’t harm other countries, 131-country group concludes
An OECD-led 131-country coalition, known as the “Inclusive Framework on BEPS,” has approved an assessment which concludes that 12 low or zero-tax countries do not have “harmful” tax regimes, the OECD today announced. ... - Continue reading
Cayman Islands: Considerations Winding Up Of Cayman Islands Domiciled Entities In 2019
Liquidators of Cayman Islands entities that are reporting financial institutions under Common Reporting Standard (CRS) and Foreign Accounts Tax Compliance Act (FATCA) regulations are required to comply with CRS and FATCA reporting obligations up to the year of dissolution. ... - Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
Cayman Islands: Update In Respect Of Cayman Islands Economic Substance Requirements
An overview of the economic substance requirements for Cayman islands ... - Continue reading
Canada: With Recent Regulatory Developments, Canadian Business Interest In Cayman Will Grow
Canada is home to some of the largest multinational corporations in the world, a bustling pension fund and private equity industry, and growing numbers of alternative investment, real estate, and insurance shops. With dynamic industry and growth in the region, Canadian business leaders are leveraging Cayman as a financial centre to help… – Continue reading
Cyprus: The True Impact Of BEPS On International Business Structures
In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading
Corporate Canada’s Pile of Cash in Offshore Tax Havens Has Hit $353 Billion For the First Time in History
Luxembourg, Barbados and Bermuda are three of Canada’s top five destinations in the world for corporate cash After exploding to record levels under Stephen Harper’s Conservative government, the amount of money Corporate Canada is funneling through offshore tax havens has hit a new all-time high. According to data newly released… – Continue reading
Water controversy prompts tax haven focus
Tax avoidance has crept into the tussle of the federal election campaign, as the government faces pressure to further investigate an expensive water purchase from a company based in a well-known tax haven. Labor has left the door open to supporting a Greens push for a royal commission into the… – Continue reading
Tax information exchange updates
The Cayman Islands Department for International Tax Cooperation has updated the relevant dates for reporting under the Foreign Account Tax Compliance Act and the Common Reporting Standard. The reporting deadline for CRS and FATCA remains May 31. The department announced that the late filing of 2018 CRS and FATCA reporting… – Continue reading
GOV’T SAYS DUTCH BLACKLIST “UNJUSTIFIED”
Cayman’s leaders return fire on the Dutch government describing its blacklist as “unjustified” and “wholly lacking in fairness and credibility.” In a statement Friday (4 January) the Office of the Premier said the Dutch blacklist does not take into account Cayman’s adherence to international standards for tax transparency nor its… – Continue reading
Vistra study: VI second-most important global financial jurisdiction
The Virgin Islands ranked as the second-most-important financial jurisdiction in the world in a recent study published by Vistra, a corporate services provider. The research — titled the “Vistra 2020 Report” — evaluated insight from more than 800 financial services industry professionals around the globe, according to the company. Published… – Continue reading
Cayman drafts law requiring substance tests for offshore businesses
The Cayman Islands government has published draft tax legislation that will have far-reaching impact for the offshore finance industry operating in the jurisdiction by demanding that certain Cayman-registered companies have an adequate level of economic substance locally. The International Tax Co-operation (Economic Substance) Bill 2018 introduces a substance test for… – Continue reading
Tax transparency watchdog urges Israel to step up moves against money laundering
After global index puts Israel in top third of most financially secretive countries, NGO calls for more public scrutiny and regulations to stop rich from hiding their assets Israel must immediately move to pass regulations against tax evasion and money laundering if it is to protect its credit rating and… – Continue reading
Corporate America flees zero-tax Caribbean havens after crackdown
Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing in response to regulations from the European Union that require… – Continue reading
UK and Cayman resume crime-fighting cooperation after row
The UK and the Cayman Islands have reached an agreement that will allow the continued cooperation in the fight against money laundering and other crime after complaints from London that information was not being shared. The minister of state for the Overseas Territories Tariq Ahmad and premier Alden McLaughlin released… – Continue reading
UPDATED: FCO CHALLENGES PREMIER’S OFFICE CLAIMS OF UK CRIME AGENCY CO-OPERATION
The Foreign and Commonwealth Office is challenging Cayman’s claims of co-operation with the UK National Crime Agency. This, in response to a Premier’s Office statement issued Saturday (15 September) refuting claims from UK National Crime Agency Director Donald Toon that Cayman authorities are uncooperative and his agency “struggles” to get… – Continue reading
Facebook, Coke could face tax hit after ruling against Medtronic
Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and… – Continue reading
Rivers seeks support from US senators
(CNS): Financial Services Minister Tara Rivers was in Washington, DC, last week, trying to persuade US Senators and others that Cayman’s financial services industry is well regulated and adhering to tax transparency standards. Picking up from an earlier visit, the minister spoke with American lawmakers about the industry here and… – Continue reading
Ottawa Implementing New Reporting Rules For Trust Funds
The federal government has introduced sweeping new reporting rules for private trust funds, which have been accused of hiding wealthy Canadians’ money from tax collectors. Going forward, trusts that fail to file a tax return will face fines equalling 5% of its total value. The Canadian government still has no… – Continue reading
Canada’s legal weed sparks Cayman money laundering claims
(CNS): While the prospect of legal cannabis for recreational use in the Cayman Islands is not expected anytime soon, Canada is just a couple of months away from full legalisation. As that date approaches, legislators have raised concerns that the multi-billion dollar legal weed market could be taken over by… – Continue reading
Ownership Registry Is ‘Not Set In Stone’
Attorney General Carl Bethel QC. Photo: Terrel W Carey/Tribune Staff Legislation to create a central Beneficial Ownership Registry is “not set in stone”, the Attorney General has revealed, with the Government seeking “urgent” consultation on the issue. Carl Bethel QC, addressing a Bahamas Financial Services Board (BFSB)-sponsored seminar, said the… – Continue reading
Cayman’s offshore rivals target crypto market
(CNS): As the global cryptocurrency sector heats up, job creating international investment is seeking out suitable jurisdictions and Cayman Islands’ offshore rivals are looking to steal a march on this growth by introducing crypto-friendly laws and legislation, with Bermuda in pole position. Bermuda’s government said recently that it wants to… – Continue reading
UM Foundation invests tens of millions in offshore tax havens
The Paradise Papers leak exposes how university foundations across the country hide money in the Cayman Islands and Bermuda The University of Montana Foundation has invested more than $30 million in offshore hedge funds and private equity firms in Caribbean and Central American tax havens, including an investment in a… – Continue reading
New UK Law May Shut Down the Biggest Tax Havens — Aside from the U.S.
The United Kingdom’s parliament has enacted a new law requiring its overseas territories — which include notorious tax havens like Bermuda, the Cayman Islands, and the British Virgin Islands — to start disclosing by 2020 the owners of corporations they register. This could shut down a huge amount of offshore… – Continue reading
UK to force Cayman, territories to make company owners public
Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so. The U.K. Conservative Party government did… – Continue reading