The Cayman Islands is the leading captive domicile promoting the catastrophe bond market, a subset of the broader insurance-linked securities (ILS) or convergence market, which was created out of the merging of the insurance and capital markets.
As in other commonwealth jurisdictions, Cayman Islands law provides for certain remedies to minority shareholders who are oppressed by decisions of the majority who control a company.
In ‘Looking into the crystal ball of taxation’ in the Caymanian Financial Review in July 2012 I expressed some thoughts about the future tax situation.
It is standard in petroleum sales agreements for both buyer and seller to be assured of the other’s financial capacity to pay.
Importance of Foreign Labour: breakdown of Caymanians and Foreigners in Cayman's Labour Force (2008).
Labour force diversity: breakdown of work permits by nationality (2008)
Breakdown of Work Permits by Category (August 2008)
The global financial crisis that originated in the US as a result of both regulatory and supervisory failures, has given rise to a new era of international focus. The crisis and the need to repair the damage caused by it brought attention to the issues of tax evasion, financial crime and bank regulation. Bermuda has long been a jurisdiction that puts its professional credibility first.
The harmonization, or at least convergence, of taxes within the EU has been high on the political agenda ever since the start of the Single Market project in 1985. The degree of harmonization, however, was always constrained by the fact that decisions of fiscal matters require unanimous consent.
There was much consternation in December when the OECD, the club of rich nation states, came out with the statement that western world economies would be very much larger than they currently are if only inequality hadn’t risen.