The reputation of many jurisdictions, or so called ‘tax havens’, has been attacked by other nations, most which fail to apply the same policies that they advocate for others.
It is our view that centers such as Jersey that can demonstrate their positive contribution to economic development, and package, administer and invest international capital at a competitive cost without dislocating domestic tax systems, will thrive.
One of the factors that helps maintain Jersey’s leading position as an International Finance Center is its willingness to refine and enhance its regulations consistently to meet investor needs.
International finance centers play a significant role in Russian foreign direct investment (FDI). For example, in 2012 it was observed that 11 of the 40 main recipients of Russian FDI were IFCs. Of these finance centers, the largest recipients were the BVI, the Cayman Islands and Cyprus.
Some authors suggest that tax competition between governments is as productive as competition between firms, while others argue that it creates a free rider economy and increases inequality.
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.
Politics and Government, Judiciary and Financial services review from Editor Michael Klein.
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.
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.
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
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.
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.
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...
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.
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.
The new millennium has brought unprecedented growth and prosperity to much of the developing world.