Financial Regulatory Forum

ANALYSIS – Caymans woos investors with immigration incentives

Ugland House (R), which houses the office of the Cayman Islands' largest law firm Maples and Calder and is the registered office of some 18,000 companies, on Grand Cayman Island is seen in this handout released September 25, 2009. By Shurna Robbins

GEORGE TOWN, Cayman Islands, Dec 28 (Reuters) – The Cayman Islands are promising immigration incentives to keep foreign firms from quitting the Caribbean hedge fund hub, but locals want a bigger share of jobs in the lucrative financial sector.

The British overseas territory, a beach-lined island group south of Cuba that is legal home to most of the world’s hedge funds, has seen a drop during the global credit crisis in the number of companies located there, industry experts say.

Caymans Prime Minister McKeeva Bush and other local policy makers want to prevent any exodus of companies in the strategic financial industry, that accounts for more than half of the national economy, by offering more attractive, flexible immigration regulations in the islands.

“First, you have to stabilize the companies that are already here and stop the hemorrhaging,” said Sherri Bodden-Cowan, who heads an Immigration Review Team that is trying to improve immigration procedures.

“Then we can talk about new business. We are looking at attracting fund managers, brokers, deal-makers who have a lot to say on where capital goes on creating funds,” she added.

Britain’s offshore havens asked to bump up taxes

By Huw Jones
LONDON, Oct 29 (Reuters) – Britain’s overseas financial havens should bump up taxes to wean their economies off credit crunch hit banking, insurance and funds services, a government-commissioned report said on Thursday.


U.S. tax evaders rush to beat amnesty deadline

By Kim Dixon
WASHINGTON, Sept 14 (Reuters) – Rich Americans who have evaded taxes by hiding foreign holdings have about a week to turn themselves in to an Internal Revenue Service amnesty program or gamble they will not be caught.

Cayman Islands says competition prompts UK stance

cayman-islands-flag   By Lorraine Turner
   LONDON, Sept 3 (Reuters) – The UK government’s move to block loans to the Cayman Islands is designed to disadvantage a competitive rivalry in financial services at a time when the UK sector itself is under threat, said the head of the islands’ regulatory agency on Thursday.