Archive for December, 2014
80% say no to ownership register
(CNS Business): Government released a report Tuesday on the public consultation it carried out earlier this year regarding how the jurisdiction should tackle the issue of access to who really owns offshore entities registered in the Cayman Islands. The report revealed that over 80% of the people and organizations that responded do not believe Cayman […]
Cayman e-business made easy
(CNS Business): One of the problems with e-business in the Cayman Islands is the cost involved and the length of time it takes to set it up. But a new IT company makes it so easy, they say you can be up and running in 15 minutes for as little as CI $125 per month.
CIMA phasing in e-gov in 2015
(CNS Business): The Cayman Islands Monetary Authority (CIMA) has announced that entities regulated by the authority will soon have access to a new online, automated method for submissions of mandatory financial returns, change requests and new licence applications. While this will be phased in slowly, it is expected that once an application or filing is […]
2014 Cayman Captive Forum hosts record numbers
(CNS Business): The 22nd annual Cayman Captive Forum welcomed a record 1,499 registrants, securing its place once again as the world’s largest captive insurance conference. Captive Insurance industry leaders gathered in the Cayman Islands over three days of intensive discussions about current issues, particularly those pertaining to healthcare captives, where Cayman is the world leader. Highlights […]
Young chefs display talent in cook-off
(CNS Business): Five former and present hospitality studies trainees of the University College of the Cayman Islands (UCCI) displayed their culinary aptitude last week when they took part in a cook-off in the kitchen of the world-famous Blue restaurant at the Ritz-Carlton. Desly Kyshon Missick and Zack Myrie advanced to the finals, which will be held in […]
Travel industry eyes Cuba
(CNS Business): Share prices in the major cruise lines rose following President Barack Obama’s announcement last week that the US plans to re-establish diplomatic ties with Cuba. A ban on commercial tourism from the States remains in effect, with only certain travelers from the United States permitted into Cuba, but the industry giants are eyeing […]
Scott takes up advocacy job for finance sector
(CNS Business): Former Ernst and Young partner Jude Scott is the new Chief Executive Officer of Cayman Finance, the umbrella advocacy group for the local offshore sector. CF Chairman Ian Wight confirmed Scott’s appointment Thursday and said the organisation was fortunate to have such a well-respected member of the community take up this vital role […]
Cayman releases V2 FATCA Guidance Notes
(CNS Business): Just days away from the 22 December deadline for many financial institutions to register with the US tax authorities to obtain their Global Intermediary Identification Number (GIIN) by 1 January 2015, the Cayman Islands Tax Information Authority has issued Version 2 of the FATCA Guidance Notes, which clarified some of the issues raised […]
Reporters to get access to EU ownership register
(CNS Business): Investigative journalists and other concerned citizens with a “legitimate interest”, as well as law enforcement officials and legal authorities, will have access to the ultimate owners of companies listed in central registers in EU countries under a new agreement signed this week. The European Parliament and Council agreed on a draft EU anti-money […]
Welcome mat out for property owners and business
(CNS Business): A number of changes to the immigration regulations are expected to make life easier for wealthy visitors, business people and property owners coming to the Cayman Islands. Policy directives that were recently approved by Cabinet will allow business travelers to remain in the country for up to 10 working days without the need […]
Cruise tourism continues to grow
(CNS Business): As promised by the tourism minister, the dire decline in cruise ship numbers has been reversed with figures suggesting that 2014 could be the best year for the sector for a decade. In October 111,951 passengers arrived in George Town on 37 ships the best numbers for this month since 2003 and 32.44% […]
UK clamps down on tax avoidance
(CNS Business): The British government has published draft legislation for a new Diverted Profits Tax (DPT), dubbed the “Google taxâ€, by which it intends to sidestep Britain’s existing tax treaties with low-tax jurisdictions by levying a charge that would fall outside the corporate tax system. The government hopes to raise £1.4 billion over the next five years […]
Focus remains on governance in fund industry
(CNS Business): Corporate governance remains an important factor for investors in hedge funds, according to a report by offshore law firm Walkers. In their outlook report for 2015 the firm said that the legacy of investor experiences in the wake of the 2008 downturn has led to an inevitable focus on this issue, as well as the […]
New judges appointed to financial court bench
(CNS Business): Two legal experts, one from Cayman and another from the UK, have been appointed as part time judges to the Financial Services Division of the local Grand Court. Nigel Clifford QC and Nicholas Segal will take up their appointments in the New Year and will be adjudicating on many of the complex court […]
CIMA boss notes challenges to regulators
(CNS Business): At a recent regional conference in Panama the managing director of the Cayman Islands Monetary Authority pointed to the mounting challenges faced by regulators in the constantly changing environment of international finance . In her presentation at the Seventh Meeting of the Regional Consultative Group for the Americas of the Financial Stability Board (FSB), […]
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