News from Cayman:
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.
October 3, 2013
MIAMI, USA -- Showers and thunderstorms associated with an area of low pressure over the northwestern Caribbean Sea became better organised on Wednesday and the system has the potential to develop into a tropical depression at any time during the next day or two.
September 21, 2013
GEORGE TOWN, Cayman Islands -- The infamous and reformed ‘Wolf of Wall Street’ Jordan Belfort will be the keynote speaker at the 2013 Cayman Captive Forum, which attracts almost 1,300 delegates annually to discuss key issues facing the captive insurance industry.
September 20, 2013
GEORGE TOWN, Cayman Islands -- Police in the Cayman Islands have confirmed that they are pursuing another investigation involving former premier McKeeva Bush, this time regarding the alleged misuse of public funds to pay for limousine services in the United States.
September 13, 2013
LONDON, England -- Britain’s Prime Minister David Cameron has officially recognised that the Overseas Territories and Crown Dependencies operate “fair and open tax systems”. Speaking in the House of Commons, he said, "I do not think it is fair any longer to refer to any of the...
September 12, 2013
GIBRALTAR -- Leaders from Britain’s Overseas Territories (OTs), including Gibraltar, Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Falkland Islands, Montserrat, Pitcairn, Turks and Caicos, and St Helena met on Monday in Gibraltar in a planning meeting for the upcoming...
September 10, 2013
GEORGE TOWN, Cayman Islands -- The Cayman Islands' first female governor, Helen Kilpatrick, took her oaths of office in the Legislative Assembly on Friday. Administering the oaths was Chief Justice Anthony Smellie. Warmly welcomed by Premier Alden McLaughlin and Deputy Governor Franz Manderson...
September 7, 2013
GEORGE TOWN, Cayman Islands (GIS) -- The Cayman Islands government has formally asked the United Kingdom to extend its membership in the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters to the Cayman Islands.
September 4, 2013
GEORGE TOWN, Cayman Islands -- Video of a controversial arrest of a Nicaraguan woman, apparently showing the use of excessive force by police in the Cayman Islands, is causing a stir locally following its publication online. Compounding local reaction to the incident involving restaurant manager...
August 29, 2013
GEORGE TOWN, Cayman Islands (GIS) -- Britain’s Foreign and Commonwealth Office has approved the Cayman Islands government's four-year fiscal plan covering the years 2013/14 to 2016/17. In a letter dated 22 August 2013, the United Kingdom's Minister for Overseas Territories Mark Simmonds wrote to...
August 24, 2013
GEORGE TOWN, Cayman Islands -- The Cayman Islands has placed first in the category of economic potential, and fourth in the category of overall country, in fDi Magazine’s Caribbean and Latin American Countries of the Future rankings. As reported in the publication’s August 2013/14 issue...
August 21, 2013
NASSAU, Bahamas -- Concern has been expressed that The Bahamas is losing out to the Cayman Islands on a potential new revenue stream in light of slow approvals and restrictive work permit conditions for foreign medical specialists. With plans to launch a stem cell treatment center, an in vitro fertilization...
August 20, 2013
GEORGE TOWN, Cayman Islands -- Newly-elected Cayman Islands minister of education, Tara Rivers, recently met with the board of Enterprise Cayman, Cayman Enterprise City’s (CEC) career development bureau, to begin the process of implementing an initiative to aid the training, employment and...