Switzerland's Last Day As A Tax Haven - Forbes.com.
Forbes says this is so becasue it now has 12 tax information exchange agreements or double tax agreements.
As a result the OECD says it is 'internationally compliant' and no longer a tax haven.
Which shows how inadequate is the OECD standard and how daft is the definition of a tax haven.
But take comfort: it remains a secrecy jurisdiction.
Secrecy jurisdictions are places that intentionally create regulation for the primary benefit and use of those not resident in their geographical domain. That regulation is designed to undermine the legislation or regulation of another jurisdiction. To facilitate its use secrecy jurisdictions also create a deliberate, legally backed veil of secrecy that ensures that those from outside the jurisdiction making use of its regulation cannot be identified to be doing so.
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So is it fair for you to continue to call Cayman a tax haven when Cayman has been on the white list for a few months now?
P
Sure
You’re not a tax haven – because no one knew what they were
But you are a secrecy jurisdiction: secrecy jurisdictions are places that intentionally create regulation for the primary benefit and use of those not resident in their geographical domain that is designed to undermine the legislation or regulation of another jurisdiction. They do in addition create a deliberate, legally backed veil of secrecy that ensures that those from outside the jurisdiction making use of its regulation cannot be identified to be doing so.
A lot worse. But true. And definable. And assessable.
So you’re still deep in it.
Richard