{"id":11848,"date":"2011-09-12T15:25:15","date_gmt":"2011-09-12T14:25:15","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=11848"},"modified":"2011-09-12T15:25:15","modified_gmt":"2011-09-12T14:25:15","slug":"you-couldnt-make-it-up-cayman-proposes-a-new-law-saying-lets-pretend-our-companies-arent-here","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/09\/12\/you-couldnt-make-it-up-cayman-proposes-a-new-law-saying-lets-pretend-our-companies-arent-here\/","title":{"rendered":"You couldn’t make it up: Cayman proposes a new law saying ‘let’s pretend our companies aren’t here’"},"content":{"rendered":"

The Cayman Islands is proposing a new law<\/a> called:<\/p>\n

A LAW TO PROVIDE FOR THE ESTABLISHMENT AND\u00a0OPERATION OF SPECIAL ECONOMIC ZONES IN RESPECT OF\u00a0CERTAIN TYPES OF BUSINESSES; AND TO PROVIDE FOR\u00a0INCIDENTAL AND CONNECTED PURPOSES<\/p><\/blockquote>\n

They know how to grab attention. don't they?<\/p>\n

Except, perhaps that's the last thing they want to do. As they say:<\/p>\n

This Bill seeks to provide for the establishment and operation of special\u00a0economic zones in respect of certain types of businesses.<\/p><\/blockquote>\n

And as they also say:<\/p>\n

Clause 6 empowers the Authority to facilitate the procurement, management,\u00a0reclamation and disposal of land and other property for the purpose of a special\u00a0economic zone; the carrying out of development works and other building\u00a0operations in, on or in respect of a special economic zone; and the preservation,\u00a0maintenance, regulation, management and improvement of a special economic\u00a0zone and to provide additional facilities to it.<\/p><\/blockquote>\n

So we know that the zones are to be in Cayman.<\/p>\n

Despite which they say:<\/p>\n

Clause 7 provides for the duty of confidentiality on the part of members of the\u00a0Authority.<\/p><\/blockquote>\n

So telling secrets will as usual be important in Cayman. Which may be vital\u00a0because:<\/p>\n

Clause 11 provides for a special economic zone to be deemed to be outside of the\u00a0Islands for the purposes of Parts VII and VIIIA and section 201(2)(f) of the\u00a0Companies Law which deals with exempted companies, sections 4(1) and 9(1)(f)\u00a0of the Exempted Limited Partnership Law (which respectively deal with the\u00a0constitution and registration of exempted limited partnerships) and clause 18 of\u00a0the legislation (which prohibits the carrying on of trade in the Islands by a special\u00a0economic zone enterprise and provides for the carrying on of business by a\u00a0special economic zone enterprise mainly outside of the Islands).<\/p><\/blockquote>\n

Not let me just unpack that.<\/p>\n

What this law does is provide that Cayman will create new areas in the somewhat limited land space of the\u00a0island\u00a0where under terms of\u00a0some\u00a0secrecy companies will operate but where, despite that fact, they will be deemed to be 'somewhere else'.<\/p>\n

This is classic tax haven stuff. I\u00a0explained\u00a0it all some time ago, here<\/a>. But it's astonishing to see Cayman being quite so blatant about it still.<\/p>\n

And they tell us tax havens have changed.<\/span><\/p>\n

Now pull the other one.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Cayman Islands is proposing a new law called: A LAW TO PROVIDE FOR THE ESTABLISHMENT AND\u00a0OPERATION OF SPECIAL ECONOMIC ZONES IN RESPECT OF\u00a0CERTAIN TYPES
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,80,32],"tags":[],"class_list":["post-11848","post","type-post","status-publish","format-standard","hentry","category-cayman","category-secrecy-jurisdictions","category-tax-havens"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/11848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=11848"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/11848\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=11848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=11848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=11848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}