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Cayman Islands to name previously hidden companies

January 18, 2013 Comments off

The Cayman Islands will open the thousands of companies and hedge funds domiciled on the offshore Caribbean territory to greater scrutiny, in a break from decades of secrecy.

Cayman-Islands-640px-Seven_Mile_Beach_2006

Picture courtesy Burtonpe.

CIMA, the three-islands’ monetary authority, sent proposals, seen by the FT, to Cayman-based hedge funds and outlined plans to create a public database of funds domiciled on the island for the first time and will also list the funds’ directors, pending an ongoing consultation process due to close in mid-March.

The British overseas territory, which has been criticised as being one of the most secretive finance jurisdictions in the world, is introducing reforms that will make public the names of thousands of previously hidden companies and their directors, reports the Financial Times,

CIMA, the islands’ monetary authority, sent proposals, seen by the FT, to Cayman-based hedge funds and outlined plans to create a public database of funds domiciled on the island for the first time and will also list the funds’ directors, pending an ongoing consultation process due to close in mid-March.

“In the 24 months subsequent to the onset of the financial crisis, the BVI Financial Services Commission, the Central Bank of Ireland, the Jersey Financial Services Commission, the Bahamas Financial Services Board and the Isle of Man Supervision Commission all updated their corporate governance codes, laws and/or regulations,” the FT reports CIMA said in one document.

CIMA did not respond to the FT’s request for a comment.

The Cayman Islands are seen as a tax-haven by many companies to avoid payer higher rates of tax in other countries.

taxmoneyhavens.com

American companies are living the United States because of high taxes

August 22, 2011 Comments off

The corporate tax rate in the United States is the second highest in the developed world.

American companies are finding new overseas tax havens to legally protect some of their profits from the U.S. tax rate of 35 percent, among the highest in the world. Lesley Stahl reports. Move your corporation or part of your corporation out of the United States while it still is possible. Do not wait as the current negative sentiment could result in restriction on US companies in the future.

See the video covering the story at: http://www.cbsnews.com/video/watch/?id=7376848n&tag=nl.e882#ixzz1VmZRlPaG

www.taxmoneyhavens.com

 

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