Wednesday, November 13, 2019

Life’s little luxuries

If you feel like treating yourself, or you just happen to have extra thousands of dollars burning a hole in your pocket, you might want to consider a little luxury. Whether it is a possession or experience, these items certainly fall into that category.

Complying with CFATF standards will cost Cayman millions

After the Caribbean Financial Action Task Force released its scathing report in March on the shortcomings in Cayman’s anti-money laundering and counter-terrorist financing regimes, government officials promised a “comprehensive action plan” to address the shortcomings and avoid having the territory placed on a CFATF grey list.

Tax: Economic substance in Cayman — ‘I know it when I see it’

The Tax Cooperation (Economic Substance) Law has created a similar dilemma. It requires legal practitioners to advise, and government officials to determine, whether or not an entity is a relevant entity, and if is a relevant entity, whether or not it is carrying out a relevant activity.

What CUC needs to do to go ‘green’

On Jan. 15, the Caribbean Utilities Company announced that government accepted its integrated resource plan, a road map for how the territory will produce its energy over the next 30 years.

Quality financials prompted Cayman National takeover

March 13 was a red-letter day for Cayman National Corporation Ltd. That was the day the Trinidad-headquartered Republic Group finalised its acquisition of Cayman National, making the territory’s only local bank local no longer.

Plastic-free push gains momentum

Plastic, the miracle material invented 112 years ago, has morphed into the scourge of the modern era. Reports abound about tons of plastic debris washed up on shores, swirling about in oceans and rivers and found inside the bodies of fish.

Environment: Managing waste becoming more than reduce, reuse, recycle

Each year, Cayman adds about 90,000 tonnes of waste to a single landfill site that already contains 1.5 million tonnes of garbage. In an area of 37 acres, this means the trash piles nearly 90 feet high.

Environment: What’s new on the green front

Cayman is making strides when it comes to going green. From sustainable construction practices to renewable energy programmes, Cayman is moving forward on the green front.

Cayman soars in Global Financial Centres Index

The Cayman Islands jumped from 29th to 21st position in the twenty-fifth edition of the Global Financial Centres Index.

Economic forecasting: Is its predictive power fading?

One of the challenges that many investors have faced in interpreting economic forecasts is the fact that despite the predictive relationship of the data there are always questions left unanswered regarding cause and effect (the chicken and egg dilemma).

Beyond towers: CEO speakers provide glimpse into the future

Premier Alden McLaughlin’s announcement that Dart is planning an “iconic tower” that would “greatly exceed” the territory’s 10-story building limit was the biggest news to come out of last week’s Cayman Economic Outlook conference.

Special Report: Record tourism drives resort boom

Grand Cayman has been seeing a wave of new hotel developments catering to the luxury travel market.

Special Report: Residential real estate market takes off

By all accounts, the residential real estate market in the Cayman Islands is in boom territory, as demand increases, the economy continues to be healthy, and consumer confidence is on the rise.

Survey: CEO confidence in the global economy wanes

After PwC’s annual survey of chief executives worldwide noted record-breaking optimism about the global economic growth only last year, the firm’s latest opinion poll reveals a dramatic drop in confidence.

Government to set up trade and investment ministry, regional offices

When Premier Alden McLaughlin announced the creation of a new trade and investment ministry last year, together with a regional office in Hong Kong, he justified the unusual mid-term move with the ever-changing international regulatory landscape for the financial services sector.

Invested in a market that has lost 80%? Not a problem for these fund...

Some investors might be unsettled by the volatility of a crypto market that is plagued by scandals and the ups and downs of Bitcoin, which has created and destroyed fortunes for the past eight or nine years.

Industry players see new opportunities in reinsurance

The Cayman Islands is capitalizing on new opportunities in the reinsurance market after 75 percent of the 33 new insurance and reinsurance companies established in Cayman last year were linked to the reinsurance space.

Companies turning to software to comply with AML rules

Throughout their careers in the financial services industry, former Maples managing partner Charles Jennings and compliance officer Kimberly Smith had to deal with an everchanging landscape of anti-money laundering rules and regulations.

New law on validity of wills in Cayman offers ‘greater flexibility’

The new Cayman Islands’ Formal Validity of Wills (Persons Dying Abroad) Law 2018, which came into effect on Feb. 1, 2019, offers far greater flexibility for international clients who wish to invest in and do business in the Cayman Islands, according to a leading private client lawyer in the jurisdiction.

Immigration: Pitfalls for the unwary in residency rights

Are you a permanent resident or do you have the right to remain permanently?Both the same, right? In my mind, fundamentally, yes. Under the Immigration Law of the Cayman Islands, seemingly not. Unexpected twists and pitfalls await the unwary.
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