Category Taxation in Cayman Islands

Offshore Centers Told To Make Central Register

March 30, 2015 Taxation in British Virgin IslandsTaxation in Cayman IslandsTaxation in UK

LONDON – Offshore companies may soon have to reveal the identities of their ultimate beneficial owners, with the information to be recorded on a central register.

Late last week the UK government instructed the British Virgin Islands and the Cayman Islands to set out a timetable for the implementation of a central register of companies.
As part of the proposed central register, information about the ultimate beneficial owner of each company will be made available in the register.

The central register is intended to help combat international tax evasion, as it will become more difficult to use offshore shell companies to unfairly dodge taxes.

However, authorities in both the British Virgin Island and in the Cayman Islands have already objected to the proposed register, saying that it will ...

Read More

New Revenues for the Cayman Islands

August 9, 2012 Taxation in Cayman Islands

Cayman Islands Unveils New Revenue SourcesGEORGE TOWN – The government of the Cayman Islands has come forward with a slew of new proposals to raise tax revenues.

In a public meeting held in George Town on August 8th the Premier of the Cayman Islands McKeeva Bush outlined a series of tax changes which could raise the country’s tax revenues by up to KYD 53 million per year. The new tax measures are intended to be a replacement for the proposed “community enhancement fee”, which would have imposed a tax on the incomes of foreign workers working on the island.

Amongst the changes announced by the Premier is an increase to the fees collected for work permits for foreigners holding high salary jobs in the Cayman Islands. The government expects that the new measure will raise approximately KYD 7.6 million in extra tax revenues per year.

Read More

Caymans Backs Down on New Tax

August 8, 2012 Taxation in Cayman Islands

Caymans Backs Down on New TaxGEORGE TOWN – The government of the Cayman Islands has scrapped its controversial plan to implement an income tax in the country, only a month after the proposal was first brought up.

On August 6th the Premier of the Cayman Islands McKeeva Bush issued a statement saying that the government will now be seeking new means of raising tax revenues, after having scrapped its plan to implement an income tax on foreigners working in the country.

The premier’s statement came shortly after the conclusion of series of meetings with local business leaders regarding the tax...

Read More

Australia Signs Eight Tax Agreements

April 7, 2010 International Tax CooperationTaxation in AustraliaTaxation in BahamasTaxation in Cayman IslandsTaxation in MonacoTaxation in Turks & Caicos Islands

Sydney Opera House by nightThe Australian Government has signed eight new bilateral Tax Information Exchange Agreements (TIEA) in a concentrated effort to enhance global tax transparency and reduce offshore tax evasion.

On April 6th-7th Senator Nick Sherry, Assistant Treasurer of Australia, announced the signing of TIEA agreements with The Cayman Islands, The Bahamas, Belize, Dominica, Grenada, Saint Lucia, Monaco, and the Turks and Caicos Islands. With the signing ceremonies complete, the TIEAs will be implemented upon the completion of legal ratification by both signatories. The new agreements raise Australia’s TIEA total to 22.

Explaining Australia’s pursuit to expand its TIEA network, Nick Sherry said, “As Chair of the Global Forum on Transparency and Exchange of Information, Australia is playing a leading rol...

Read More

US and UK are Biggest Offshore Deposit Locations

March 22, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in Cayman IslandsTaxation in GermanyTaxation in IrelandTaxation in NetherlandsTaxation in SwitzerlandTaxation in UKTaxation in USA

Bank of International Settlement BaselThe US, UK and the Cayman Islands have been found to be the most popular locations for private non-resident deposits, representing nearly USD 2 trillion of worldwide investments, according to a newly issued report. Seeing the lack of availability of compiled data on offshore holdings, the report quantifies offshore deposits on a country-by-country basis.

In a report released on March 19th, Global Financial Integrity (GFI) revealed that worldwide private non-resident deposits held in secrecy jurisdictions has escalated to approximately USD 10 trillion. The GFI’s Privately Held, Non-Resident Deposits in Secrecy Jurisdictions report analyzed raw data from the Bank Of International Settlements (BIS) (an international organisation fostering international monetary and financial cooperation, a...

Read More