Offshore Financial Centre

Offshore Financial Centre

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...

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...

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...
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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...

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...

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,...

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...

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,...

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...

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....

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...

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...
ICO

Offshore and the benefits of capital mobility

An age of ever greater affluence The great economic fact of our time is the imminent eradication of extreme poverty. In the thirty years between...

Antigua and Dominica make changes to diplomatic passports as proper regulation of citizenship-by-investment continues...

In 2017, Antigua and Barbuda and Dominica have made changes to the operation of diplomatic passports while the St. Kitts government continues to debate...

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...

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...
Figure 1 - Timeline of Major Currency Developments in the Cayman Islands

The Cayman Currency Board: An island of stability

The Cayman Islands and Hong Kong are two of the world’s great financial centers. They both owe a great deal of their success to...

Correspondent banking: The ‘de-risking’ phenomenon

In the face of the constant changes and challenges caused by the imposition of global regulations and anti-tax competition initiatives, Caribbean IFCs continue 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...