Offshore Financial Centre

Offshore Financial Centre

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Do ‘economic substance’ tests have any substance?

The European Union, through its Code of Conduct Group on Business Taxation, is drawing up a blacklist of “non-cooperative jurisdictions” that will be subject...

The impact of the Panama Papers

In contrast to the coverage of the Panama Papers, professionals in many offshore financial centers might argue that there are significant differences between offshore...

External regulatory developments continue to plague Caribbean financial centers

Caribbean international financial service jurisdictions must continue to deal with several external factors as they conduct business. Many of these developments pose challenges to...

Offshore community should prepare for rough U.S. election season

The 2016 U.S. presidential campaign has been anything but ordinary. Barring any last minute surprises, it is set to feature the two most disliked...

The US as the world’s newest IFC and its impact on the Caribbean

During the last decade or so, the status of the U.S. as a superpower has enabled it to increasingly obtain market share from other...

Sergeeva v Tripleton International Limited – appeals decision with far-reaching consequences

On the Aug. 23, 2016, the Eleventh Circuit of the U.S. Court of Appeals handed down its decision in Sergeeva v Tripleton International Limited....

Five facts about the BVI that shouldn’t have come as a surprise

The British Virgin Islands cover a geographical area of 152 square kilometers and are home to around 30,000 people – plus a major international...

Independent directors – governance trends

Independent directors have become synonymous with offshore investment funds, in particular, hedge funds, in a trend driven squarely by investors looking for greater oversight...
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Swiss review of corporate taxation: a typical Swiss consensus story

For the first time in its history, Switzerland will review its corporate taxation not for internal reasons but in response to international pressure. Switzerland has...
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President Trump and the financial industry in the Cayman Islands – threats and opportunities

On Nov. 8, 2016, the world took a step into the unknown when the U.S. electorate determined that Donald Trump would be the 45th...
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Hurricane Irma pounds Anguilla

At 8 a.m. Atlantic Standard Time on Sept. 6, 2017, the National Hurricane Centre in Miami posted its usual intermediary advisory with the headline...

British Overseas Territories in the Caribbean agree to central registries of beneficial ownership information...

At the recently concluded Dec. 1-2, 2015 Joint Ministerial Council (JMC) in London, held with the UK Minister for the Overseas Territories, James Duddridge...

R.I.P.? Dying to close an offshore account

The FBAR, the Financial Crimes Enforcement Network (FinCEN) Form 114, was developed by the U.S. Department of the Treasury to collect and analyze information...

Anguilla’s banking saga continues: ECCB found not to have legal authority to take control...

Regular readers may remember my 2016 article  in which I detailed the failure of Anguilla’s two indigenous banks, i.e., the National Bank of Anguilla...

Hurricane Irma highlights BVI’s need for reforms

After Hurricane Irma devastated the British Virgin Islands last September, more than 150 financial services workers and their families came to the Cayman Islands...

Tackling NGO criticisms head on with new research and highlighting the positive role of...

Wealth surveys ably demonstrate the shifting patterns of global wealth and the rise and influence of private clients and institutional investors from emerging markets...

Substance over form: Part Two – the sine qua non of international tax planning...

In the first part of this two-part article published in October 2017 , I introduced the 15 BEPS Reports/Action points and provided background information...

Panama Papers: cui bono?

When you visit the Offshore Leaks Database from The International Consortium of Investigative Journalists (ICIJ), you will find a legal disclaimer that reads as...

Taxation matters in Bermuda

There is a common misconception in the “onshore” world that jurisdictions like Bermuda and Cayman, actually have no taxes at all – so called,...

U.S. tax enforcement in the Caribbean: Strategies for financial institutions and asset managers

As the fallout from the Panama Papers continues, the U.S. government has recently announced various criminal and civil enforcement initiatives to investigate individuals and...