Offshore Financial Centre

Offshore Financial Centre

Mauritius and the ‘color of money’

The largest bail amount in history is of the order of $1.5 billion for the release of Subrata Roy, “managing worker” at Sahara India,...

War on tax havens

Last year, parliament passed a law requiring the UK’s overseas territories, including Bermuda, the Cayman Islands and the British Virgin Islands, to publish lists...
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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...
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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...
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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...

Titan International Securities Inc v The Attorney General of Belize: a decision at first...

On Jan. 15, 2016, Justice Courtney Abel of the Supreme Court of Belize handed down a decision which should be read across Caribbean IFCs,...

OECD and EU target citizenship and residency-by-investment programs

The Organisation of Economic Cooperation and Development and the European Union have targeted citizenship-by-investment (CBI) and residency-by-investment (RBI) programs. Most Caribbean jurisdictions have either...

No wrongdoing – the first casualty of the Panama Papers

The Eleventh Commandment, and the First Law of Politics, is: Thou Shalt Not Get Caught. Icelandic Prime Minister Sigmundur David Gunnlaugsson certainly broke this...

The ‘useful purpose’ of offshore financial centers

Recently, 355 economists signed a letter co-ordinated by Oxfam arguing that tax havens have “no useful purpose.” There is a history in the U.K....

Crackdown on multinationals down under

Against a background of persistent budget deficits and an ever-growing Australian national debt, multinationals have become a convenient target of the Australian Treasury and...

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...

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....

The struggles of Baha Mar

A crude translation of Baha Mar might be “Low Sea,” and indeed the unfinished mega hotel/casino project on Nassau’s Cable Beach is aground in...

Cyprus is open for business

In the 50 years since independence in 1960 from the British, who left behind a strong institutional legacy including a solid public administration, Cyprus...
Cyprus. Marina in foreground with city behind.

A review of the world’s offshore financial centers: Cyprus

Cyprus, officially the Republic of Cyprus, is an island country in the northeast corner of the Eastern Mediterranean, strategically located at the crossroads of...

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...

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...

Squaring the circle: How Singapore’s latest budget tries to balance spending growth with...

On Feb. 19, Singapore’s Minister of Finance Heng Swee Keat delivered the nation’s budget for 2018. While budget speeches are typically uneventful, this year’s...

Regulatory, international cooperation compliance and law enforcement overreach: An emerging issue in Caribbean financial...

For several years now, I have been writing of my concerns regarding the conduct of regulatory, international cooperation compliance bodies and law enforcement agencies...
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