TJN has two very important blogs on Cayman out today.
One is about their attempt to get off the OECD grey-list.
The other refers to their internal panic about being on it.
Both well worth reading.
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It is a shame especially with Obama still droning about Ugland House “that a building in the Cayman Islands that was the registered home of 12,000 plus US companies was “either the biggest building in the world or the biggest tax scam on record.”
When he satys very quiet about an office at 1209 North Orange Street, Wilmington, Delaware which houses the grand total of 217,000 companies.
Which blatenly is either a building 20 times the size of Ugland or an even bigger tax scam in his book.
There is the living in a glass house cliche.
I wouldn’t say there was panic about it, just concern as new clients are obviously chosing those on the “white lists”. It’s a little sad when it appears that all those grey listed could get on the white list by signing Bilateral Agreements wich each other.
The numer of busineses in any one registered office is not really the key issue; it is the secret accounts that live in cyber space and can be moved around anywhere in the world at the touch of a few digets on a keypad. Signing up to a tax exchange agreement is the easiest way to ‘qualify’ for a halo whilst carrying on business as usual doing the devil’s work.
Incidentally I would love to know how many MP’s have accounts in the Cayman Islands.