Tuesday, June 25, 2019

Where next with the EU tax blacklist?

On March 12, government and the financial sector awaited with bated breath the outcome of the European Union’s evaluation of Cayman’s tax regime.

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.

Cayman’s financial services showcased to New York audience

Cayman Finance hosted a pair of events in New York on Jan. 22 to showcase the strength of the Cayman Islands financial services industry and its benefits to global partners, particularly those in the United States.

STEP conference: Cayman urged to ‘play more offense’

The Cayman Islands has come under enormous regulatory pressure last year and that is not expected to change in 2019.

Market Watch: Emerging threats to developed markets

One of the most significant trends over the last decade has been the increasing influence of politics in the financial markets of advanced economies.

Uncertainty remains despite new economic substance rules

Substance legislation passed by lawmakers in December 2018 has laid down the parameters for the way Cayman is responding to pressure by the European Union to reform its tax regime, but many questions remain about the economic impact of the new framework.

Offshore finance centers bracing for substance legislation impact

Cayman’s government and financial services industry professionals have had mixed reactions to the territory’s recently passed economic substance legislation, with some expressing cautious optimism that the new laws will increase investment in the islands, while others are bracing for an exodus of companies.

Cayman National has event-filled months since sale announcement

The Cayman Islands is home to billions of dollars’ worth of mergers and acquisitions in a given year, but few have the potential to impact the local community as much as the impending sale of Cayman National Corporation Ltd. to the Republic Bank Trinidad and Tobago (Barbados) Ltd.

Independent directors reluctant to serve on crypto funds

The governance around hedge funds has changed dramatically since the introduction of the mutual funds law in Cayman 25 years ago.

Better metrics than GDP would have enabled a stronger response to crisis

Better measurement of the economy and of people’s well-being could have led governments to respond more strongly to mitigate the damage caused by the 2008 financial crisis and reduce people’s continuing loss of trust in public institutions, according to a new report released by the OECD.

Golden visa programs the latest target of regulators

Citizenship by investment and residency by investment schemes are the latest targets of regulators and advocacy groups, as three reports by Transparency International, the OECD and the Green Party in the European Parliament all highlighted abuses of the programs in both Europe and the Caribbean.

New platform automates KYC checks for crypto transactions

About three years ago, Global Risk and Data Authority Limited launched a platform aimed at automating the know-your-client and anti-money laundering compliance processes for banks in Cayman, as well as onshore correspondent banks.

Offshore M&A deals drop; Cayman remains top center

The Cayman Islands saw more mergers and acquisition transactions than any other offshore jurisdiction in the first half of 2018, as the total value of Cayman deals increased by nearly 50 percent over the second half of 2017.

Immigration: Fewer ‘ghost Caymanians’ in the future?

The Immigration (Amendment) Law, 2018 came into effect on Aug. 13, 2018, and with it, new opportunities potentially present themselves for various categories of people in the Cayman Islands to obtain the Right to be Caymanian. This article explores two such changes.

No ‘jumping the gun’ in regulating cryptocurrencies

Peter McKiernan, the cofounder of RiskPass AML+Compliance Ltd., stood at his laptop last week at a seminar on anti-money laundering practices for cryptocurrencies, demonstrating to the audience how to transfer cryptocurrencies across borders.

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.

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.

Tax problems for dual passport holders and ‘accidental Americans’

Despite all that’s been written about U.S. worldwide income taxation and complex informational reporting requirements, many individuals, particularly those living outside the U.S., remain noncompliant.

Rebalancing the BVI economy from the financial services industry to tourism

There are very serious economic and financial implications for the British Virgin Islands as a consequence of the United Kingdom’s decision to impose public registers of beneficial ownership on the Overseas Territories.
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