Cayman Islands Offshore Accounts
Cayman Islands Off "Gray" List for Tax StandardsIn 2005, it was estimated that 80% of the world's hedge funds were located in the Cayman Islands. A high number of hedge funds are registered with the Cayman Islands Monetary Authority as well as institutional investors and high net worth individuals. Historically, the Cayman Islands has been criticized as a safe haven from taxes and government scrutiny. Today the Organization for Economic Cooperation and Development removed the British Virgin Islands and the Cayman Islands from its "gray" list of nations that do not adhere to international standards for tax disclosure.
The OECD said that both islands have signed agreements to exchange tax information with New Zealand, bringing to 12 the number of such agreements for both jurisdictions.See our comprehensive guide to Cayman Islands Hedge Funds
As a result, both are now categorized as having "substantially implemented the internationally agreed tax standard."
The accords are the latest in a rush of such deals amid increased scrutiny of offshore banking centers from the Group of 20 industrial and developing economies, which earlier this year threatened sanctions against alleged tax havens. The U.K. and France have said alleged tax havens should face a March 2010 deadline to put their laws in order and sign tax accords.
The tax-havens issue is expected to be high on the agenda at the Pittsburgh, Pa., summit of G-20 leaders next month. The OECD said six countries have now moved off its gray list since April, when the G-20 made their threat to impose sanctions. Source
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