The vital cross-border investment role played by IFCs

We have been able to respond with hard evidence to counter bogus arguments from opponents about the high levels of so called “tax leakage” from jurisdictions, such as Jersey, having a detrimental effect on the U.K. economy. 

 

Third Quarter 2013

Politics and Government, Judiciary and Financial services review from Editor Michael Klein. 

 

The role of international finance centers in the PRC

There are many myths and misconceptions about the role that international finance centers, such as the British Virgin Islands and the Cayman Islands, play in international finance. Sadly, many common narratives about IFCs do nothing to dispel these myths. 

 

 

Out of line – Hanjin Shipping’s filing for receivership raises more concerns for the...

In late August, Hanjin Shipping, a South Korea-based containership liner company, filed for receivership in bankruptcy court in Seoul, a few days after its...

Competition, innovation and best practice

In order to compete successfully for the financial flows that are the lifeblood of a financial center they must differentiate themselves. Offshore centers are currently at a disadvantage due to reputational damage they have suffered over the last six or seven years. 

 

IFC Forum: Activities update

The recent global economic climate has been pretty desperate. Many large, previously well-established and thriving economies found themselves with huge fiscal black holes. The ugly fallout included a knee-jerk backlash against international financial centers 

 

Trade and shipping: The world is not flat anymore

It was a decade ago when a celebrated book claimed that now we lived in a world that was flat: technology in a post-Berlin-Wall-world...

Economic citizenship and residency programs:

In this age of automatic exchange of information and transparency, IFCs have to find ways to survive -one such way is to increase the substance within their confines.   

 

Vladimir Putin and ‘de-offshorization’:

In his 2012 address, Putin declared that the level of offshore investments and ownership was so high that nine out of ten transactions made by Russian companies were made under foreign, not Russian law.

 

The future of the Irish corporation tax regime

At a recent visit to the OECD headquarters, the Irish government delegation was all smiles and used photo-ops, speeches and statements to extol the virtues of Ireland’s economic recovery. Only one cloud obscured the otherwise sunny horizon of the trip... 

 

Impact of the U.S. election on offshore

Last November Americans went to the polls and voted a new Congress into office. Capitalizing on President Obama’s unpopularity, Republicans dominated the mid-term contest at the federal, state and local levels.   

 

Public register of beneficial ownership information:

In June 2014, the government of Anguilla published for public consultation, a document entitled: “Enhancing the transparency of Anguillian company ownership and increasing trust in Anguillian business. 

 

Attacking low-tax jurisdictions will not help Africa’s growth

The new millennium has brought unprecedented growth and prosperity to much of the developing world.  

 

Bahamas jurisdictional update

At Fidelity Bank’s recent Cayman Economic Outlook conference in February, economist Tyler Cowen outlined a sobering view of the new global economic reality in a speech titled ‘The new normal: Lower living standards and their impact.’

 

United States v. Eric St-Cyr, et al.:

US entities, including the Department of Justice and the Internal Revenue Service, continue to direct investigative efforts at the Cayman Islands financial sector in order to detect evasive tax maneuvers and other illicit activity.  

 

Defrauded in the Bahamas: What is your best option?

Fraud occurs in the Bahamas just as it does elsewhere in the world and the options upon the discovery of fraud are much the same in the Bahamas as they are elsewhere.

 

Caribbean financial centers: “We have met the enemy and he is us.”

Oliver Hazard Perry’s famous War of 1812 report of the Battle of Lake Erie to General William Henry Harrison in which he wrote: “We have met the enemy and they are ours: two ships, two brigs, one schooner and one sloop.”    

 

IFC Forum: Activities update

Our members come from the professional services and financial industries in small international financial centres.  In the Cayman Islands, our members include Appleby, Butterfield, Harneys, Intertrust, Maples and Calder, Mourant Ozannes, Rawlinson & Hunter and Walkers.

 

Leading IFCs deserve credit

The British Overseas Territories and Crown Dependencies are coping with increasing amounts of regulation and are working hard to obtain the credit many deserve for their response to the shifting regulatory agenda.    

 

The future of offshore financial centres:

The only issue more prominent than the mounting challenges faced by offshore financial centres (increasingly referred to as ‘International Financial Centres/IFCs’), is the question of whether their demise is now imminent. This has led in some quarters to the conclusion that the end of the offshore financial world is here. 
- Advertisement -