Fighting back

Would the world be better or worse off if there were no so-called offshore financial centers? For those who can think beyond “stage one” and have a good grasp of economics, the unambiguous answer to the question is the world is better off.   

 

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...

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.   

 

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. 

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 

 

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.   

 

The offshore world: Past, present and future?

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. 

 

Offshore financial centers in the global capital network

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. 

 

 

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. 

 

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.  

 

Stock market investors and OFC-incorporated companies

Today’s global financial markets offer companies and investors an enormous variety of choices across a range of economic prospects, political systems, and operating environments.   

 

Offshore financial centres and international development:

This article gives an NGO perspective on the role of offshore financial centres in global development and why it is in the self interest of OFCs to share information.

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.’

 

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.

 

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. 

 

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.

 

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. 

 

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.”    

 

Third Quarter 2013

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

 

The role of offshore jurisdictions in Russia

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.