News from Cayman:
March 6, 2014
GEORGE TOWN, Cayman Islands -- Representatives from the Cayman Islands reinsurance industry will be in full force at the SIFMA Insurance and Risk Linked Securities conference in New York 4 – 5 March, speaking to delegates about the strength of the Cayman offering for...
February 24, 2014
GEORGE TOWN, Cayman Islands -- A new way of using renewable energy sources in the region is being pioneered in the Cayman Islands by way of electric vehicles (EVs), with a view to long term economic and ecological sustainability. Cayman Automotive has reached an agreement with...
February 15, 2014
GEORGE TOWN, Cayman Islands -- The Cayman Islands captive insurance sector remains buoyant in a testing environment, as 2013 maintained a steady pace following on from the phenomenal 2012 year of growth. The Cayman Islands secured a total of 39 licencees issued during the year.
January 28, 2014
GEORGE TOWN, Cayman Islands -- UK taxpayers with undeclared income and capital gains held in the Cayman Islands must provide this information “within 30 days” or face “detailed investigation”, according to letters sent out by the British tax authorities. Cayman Islands banks will soon begin...
January 25, 2014
GEORGE TOWN, Cayman Islands -- Former Cayman Islands governor, Stuart Jack, has denied allegations that he, along with two other senior officials, committed misconduct in public office, attempted to pervert the course of justice and lied to police. Jack’s denial comes on the heels of a new criminal complaint...
January 24, 2014
GEORGE TOWN, Cayman Islands -- The Cayman Islands government and the World Society for the Protection of Animals (WSPA) have held discussions on several key issues carried forward from meetings last year. It was agreed that turtle meat has huge cultural significance.
January 23, 2014
GEORGE TOWN, Cayman Islands -- A former senior detective with London’s Metropolitan Police, who led a high-level corruption investigation in the Cayman Islands between 2007 and 2009, has filed a new criminal complaint against the territory’s current Attorney General Samuel Bulgin.
January 21, 2014
GEORGE TOWN, Cayman Islands -- At least two Caribbean prime ministers are scheduled to attend the University College of the Cayman Islands’ Caribbean ethics and values conference in March. The head of the organisation that rates governments worldwide on anti-corruption...
January 17, 2014
GEORGE TOWN, Cayman Islands (GIS) -- Moody’s, one of the world’s foremost financial rating agencies, has maintained its very high rating of Aa3 for the Cayman Islands. The Cayman Islands has retained the Aa3 rating, and its accompanying stable outlook, continuously since 2000.
January 16, 2014
GEORGE TOWN, Cayman Islands -- The government of the Cayman Islands is asking industry, clients and the general public for their input regarding the beneficial ownership of locally-registered companies. According to the Financial Services Secretariat, the purpose of the consultation...
December 24, 2013
GEORGE TOWN, Cayman Islands -- Trade in services continued to be the Cayman Islands’ sole net foreign exchange earner in 2012. The Cayman Islands' Balance of Payments (Current Account) Report 2012 which summarizes the territory’s economic and financial transactions on...
December 20, 2013
GEORGE TOWN, Cayman Islands -- Two of the leading law firms in the Cayman Islands have agreed to merge early in the New Year. Travers Thorp Alberga and Paget-Brown will continue as Travers Thorp Alberga with Ian Paget-Brown QC assuming the role of counsel in the new company.
December 7, 2013
GEORGE TOWN, Cayman Islands -- Social networking giant Facebook is facing criticism over its tax payments after filings revealed the company exported an estimated US$ 1 billion earned in the UK and other overseas markets to the Cayman Islands last year. According to the Guardian newspaper, Facebook uses...
December 7, 2013
BRUSSELS, Belgium -- The Overseas Countries and Territories Association (OCTA) held its 12th ministerial conference in Brussels, Belgium, this week, where all 22 OCT political leaders gathered to support and approve the creation of a three-member board of chairs.
November 30, 2013
GEORGE TOWN, Cayman Islands -- Building on more than a decade of cooperation in tax matters, the Cayman Islands and the US on Friday signed an agreement that paves the way for automatic exchange of tax information under US FATCA. The two governments also signed a new tax information...
November 28, 2013
LONDON, England -- On Tuesday, UK ministers and overseas territory leaders met at the annual Overseas Territories Joint Ministerial Council in London and agreed an ambitious communiqué setting out steps to promote further opportunities for business, trade and investment in the territories.
November 28, 2013
JAKARTA, Indonesia -- At the recent annual meeting of the Global Forum in Jakarta, Indonesia, the Organisation for Economic Co-operation and Development (OECD) Multilateral Convention on Mutual Assistance on Tax and Administrative Matters was extended to seven British Territories.
November 27, 2013
GEORGE TOWN, Cayman Islands -- In addition to receiving a high ranking for its legislative and regulatory framework, the Cayman Islands has been confirmed as one of the vice chairs of the Peer Review Group, and retained its position on the Steering Group, of the Global Forum on...
November 14, 2013
BRIDGETOWN, Barbados -- A report by the Barbados Free Press on November 4, 2013, published the full text of what purports to be a complaint filed with the FBI by Sherene Mongroo in relation to the alleged theft of US$4 million from her late father’s estate, and names 12 Caribbean individuals and other entities...
November 14, 2013
NEW YORK, USA -- US District Judge Richard M. Berman of the Southern District of New York entered an order on Tuesday authorising the Internal Revenue Service (IRS) to issue summonses requiring five US banks -- Bank of New York Mellon, Citibank, Chase, HSBC and Bank of America...
November 12, 2013
NASSAU, Bahamas -- Head of The Bahamas Renewable Energy Association has called on the government to “stop delaying” advances in renewable energy generation in this nation, in response to a new report indicating that The Bahamas ranks 26th out of 27 countries in the region for its “progress and prospects”.
November 9, 2013
GEORGE TOWN, Cayman Islands (GIS) -- United Kingdom Overseas Territories Minister Mark Simmonds said he is "enormously encouraged by the achievements of the Cayman Islands", at a Chamber of Commerce-hosted dinner that concluded his one-day visit to the islands on Tuesday.
November 7, 2013
GEORGE TOWN, Cayman Islands (GIS) -- Representing a significant development in the Cayman Islands’ transparency framework, the OECD/Council of Europe Convention on Mutual Assistance in Tax Matters has been extended to the jurisdiction, effective on 1 January 2014.
November 5, 2013
VALENCIA, Spain -- Three representatives of Cayman Islands soccer recently visited Valencia in Spain to see first-hand the training methodology of several teams in the region. For ten days, and acting as soccer ambassadors for the Cayman Islands, young midfielder Ryan Jackson of Future SC...
November 4, 2013
ROAD TOWN, BVI -- The Office of the Premier in collaboration with the Foreign and Commonwealth Office (FCO) is hosting an Overseas Territories communications workshop in the British Virgin Islands from November 4-5, targeting communications practitioners who directly interface with...
October 28, 2013
GEORGE TOWN, Cayman Islands -- A recent ruling by a Cayman Islands judge may have a far reaching effect on the efficacy of tax information exchange agreements (TIEAs) signed by so called tax havens and designed to provide greater transparency in offshore financial transactions.
October 16, 2013
GEORGETOWN, Guyana (GINA) -- On Monday, minister of culture, youth and sport, Dr Frank Anthony handed over a cheque to the Guyana Rugby Association valued at GY$1million (US$4,888), which will be used to assist the team to participate in an upcoming rugby tournament in Cayman.