The China Daily has a lovely headline over a story which says:
Isle of Man assists with China outward investment
And it gushingly continues:
John Shimmin, Minister for Economic Development of Isle of Man, had a sit-down interview with China Daily during his visit to China in Beijing on Tuesday.
"The Isle of Man would like to forge a strong business and trading tie with the Chinese market and we have a unique value proposition for the Chinese business community and outward investors," emphasized the minister during the video interview.
The high-powered government and business delegation of the Isle of Man is visiting China in a bid to build up new commercial relations and opportunities with China, the second largest economy in the world.
Now let's put this in context. The ICIJ tax leaks have somewhat battered the BVI's reputation for secrecy, and of course the BVI has been widely used for Chinese round tripping - which is the process whereby illicit funds leave a country, are washed through a tax haven and then return as if they are foreign direct investment, seeking to attract all the tax and regulatory advantages given to FDI for which they do not qualify.
So the BVI's having a bad time and who is rushing in to pick up this rather sordid business? Why, the Isle of Man!
You really couldn't make it up.
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Don’t be surprised at anything which happens in this extreme right wing, corrupt, nasty little island Richard.
The Isle of Man has its very own Justice System, some aspects of which the likes of Robert Mugabe could only dream of. I am sure our Island establishment could get on very well with China.
Guernsey Finance, the PR arm of “Guernsey As An International Finance Centre” already has an ‘office’ and an employee in Shanghai.
There’s photos and everything of various States members, alongside various finance companies, shaking hands with various officials.
Even the Chinese Ambassador in London comes over here and pats ‘Guernsey’ on the head.
Next to all that are the overtures to Russia and India, again taxpayer funded with States members accompanying the business leaders, to attract “inward investment” (in what?).
Apparently all in the name of ‘diversifying the economy’.
Tears before bedtime.
So the Isle of Man has a ‘high powered delegation?’ Sounds a contradiction in terms!
Just prior to the visit, the Manx press reported as follows:
“The delegation, which includes Minister Shimmin and leading members of the Manx business community, will outline opportunities for the island to support the Chinese economy through import/export solutions, capital market listings, and wealth management services.”
“The Chief Minister explained the island has a unique relationship with the UK and EU, being part of the Customs union and has a dedicated entry processing unit, where import, export and duty payment documents are processed. With a zero rate of Corporate tax, island could prove attractive to Chinese companies wishing to set up an administrative or manufacturing presence here.”
http://www.iomtoday.co.im/news/isle-of-man-news/forging-links-to-china-1-5586348
“import/export solutions”? What might they be?
Good question
Can we see Chinese imprts being reshipped through that well known container port, Douglas, in the future?