Wednesday, October 17, 2018

Crown Dependencies consult industry on substance legislation

The governments of Jersey, Guernsey and the Isle of Man are asking businesses for their views on proposed new legislation that will require certain tax-resident companies to demonstrate they have sufficient substance.

BVI companies allegedly targeted by Russian oligarch

Proponents of offshore finance often argue that jurisdictions like Cayman and the British Virgin Islands help people from corrupt countries protect their wealth against theft and other forms of unlawful confiscation.

Trade tensions – unintended consequences

It is common rhetoric to describe U.S. President Donald Trump as a non-conformist. President Trump came out of the gate swinging, dismantling long-standing trade agreements and partnerships with neighbours, allies and the world’s second largest economy.

Regulatory: OfReg battles 18 months of challenges

When the Utility Competition and Regulation Office, known as OfReg, was formed in early 2017, it was touted as a “one-stop shop” regulator for telecommunications, electricity, petroleum and water.

Global economy: OECD study shows long-term merits of structural reform and the pitfalls of...

The reversal of trade liberalization and a return to the average tariffs of 1990 would depress the world’s long-term living standards by about 14 percent worldwide and as much as 15 to 25 percent in the most affected countries.

Giving back: Invested in the community

In the business world, corporate social responsibility, or CSR for short, has become standard practice. A broad term, it essentially sums up the good-will efforts a company makes in the communities where it operates.

Economist: Moderate US growth to impact Cayman

Moderate growth in the U.S. in the context of a wider global slowdown led by reduced consumer demand is going to impact Cayman, especially in the tourism sector, according to Lindsey Piegza, chief economist at Stifel Fixed Income.

Offshore insolvency petitions on the rise

The number of insolvency petition filings in offshore jurisdictions increased significantly in 2017. The jump in petition filings was based on more activity in the British Virgin Islands and Mauritius, which offset falls in the Cayman Islands and Isle of Man, according to a report from offshore law firm Appleby.

Post-Irma, BVI financial sector propping up struggling territory

Traveling to the British Virgin Islands for the first time since the territory was devasted by Hurricane Irma last September is an eye-opening experience for those familiar with what was once a flourishing, high-end tourism destination.

Brexit, Silk Road and de-risking – the future of offshore centers

It is difficult to see a bright future for offshore financial centers amid media attacks, international tax information exchange, initiatives to curb cross-border profit shifting by multinational companies, anti-tax avoidance measures, transparency efforts that erode financial privacy and more extensive compliance rules.

The normalization of market volatility

The return of market volatility over the first four months of 2018 has come at an interesting time in the global economic cycle.

Not for love or money

The next time you meet your Money Laundering Reporting Officers (MLRO), spend a moment to chat with them and to fully understand the demands of their role, the conditions under which they work, and try to assess how enviable or not, their job is. Some would say their role is thankless but essential.

UK pressure causing water companies to leave Cayman

The “tax haven” stigma has come back to bite Cayman again, this time in the form of recent announcements by a handful of United Kingdom water companies that they will be shutting down their Cayman-based subsidiaries.

Rapid technological advances outpace risk management

Risk management processes are not sufficiently taking account of the business risks associated the rapid adoption of emerging technologies, according to a report by insurance broker Marsh and RIMS, the risk management society.

Regulating cryptocurrencies

Cryptocurrencies like bitcoin, blockchain technology and initial coin offerings (ICOs) have been the buzzwords in the tech sphere for the past couple of years.

‘Med Tech’: Spending as fast as you can just to keep up

The April classified advertisement is a little scary, seeking a “systems engineer,” listing a dozen profoundly technical skills an applicant should have in order to gain the $65,000-$77,000 position at the Health Services Authority.

The changing landscape of telecommunications

Just several years ago, companies like Digicel were largely known as mobile phone providers. But with the exploding popularity of WhatsApp and other applications that allow people to text and make voice calls over the internet, telecommunications companies can no longer rely on selling prepaid and postpaid bundles of minutes to make the bulk of their revenue.

Getting inflation right in 2018

Had the Cayman Alternative Investment Summit taken place in early January instead of February, all the talk about investment risks and threats to the economy would have been about geopolitics.

Cayman aims to capitalize on blockchain boom

Though the price of Bitcoin has fluctuated wildly since its inception – with some economists expecting it and other cryptocurrencies to be speculative bubbles – that uncertainty has not dampened the momentum of the technology that underpins cryptocurrencies: blockchain.

Experts mull future at Cayman Economic Outlook 2018

A list of speakers that included some of the world’s most prominent futurists and technology consultants discussed a variety of topics last month at the 15th annual Cayman Economic Outlook conference.
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