Offshore Financial Centre

Offshore Financial Centre

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The questionable benefits of beneficial ownership registers

As much government as necessary, as little government as possible.” So goes the old classical liberal motto, concisely summarising a blueprint for freedom and...

Push for beneficial ownership register gaining steam in the US

The United States company formation sector dwarfs that in the offshore financial services industry. Some 1.3 million entities are incorporated in Delaware alone –...

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,...

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...

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...

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...

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...

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...

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...
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...
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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...

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,...

Dangerous delusions of doom

The front page of England’s venerable weekly The Spectator recently headlined an essay titled “The Doom Delusion.” The author Johan Norberg writes that objective...

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...

Mistreated? Tax treaties and ActionAid

ActionAid, a NGO that works on development issues, has just issued Mistreated, a report condemning tax treaties’ impact on developing countries’ tax collection efforts....

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...

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...

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...

BVI banking on remedy for struggling financial sector: Bank of Asia could turn around...

At a business conference in the British Virgin Islands in January 2016, Hong Kong-based businessman Carson Wen and his then-partner, Chad Holm, publicly presented...

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....
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